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  • Oct 22, 2014
  • Updated: 12:36am
NewsHong Kong

Minimum HK$1.5m needed to be happy in Hong Kong, poll finds

Survey reports that Hongkongers need HK$1.5m a year to find contentment

PUBLISHED : Thursday, 15 November, 2012, 12:00am
UPDATED : Thursday, 15 November, 2012, 10:15am
 

Poll

  • Yes: 26%
  • No: 74%
15 Nov 2012
  • Yes
  • No
Total number of votes recorded: 326

Hongkongers on average need to earn HK$1.5 million a year to be happy, ranking them third among 13 places in the world, according to a global survey by an investment company.

The poll of 5,000 people by Royal Skandia, of whom 500 were from Hong Kong, also found the city's women were more financially demanding than men.

Dubai topped the poll, with respondents there requiring HK$2.1 million year, compared with a global average of HK$1.2 million. The Gulf city was followed by Singapore with HK$1.8 million. Germany came last, with an average of only HK$664,830.

Britons think they need to earn HK$1 million a year to be happy, ranking them ninth.

The survey found that while only 17 per cent of men in Hong Kong said they needed more than HK$2 million a year to be content, the percentage for women was 23 per cent. Nearly half of the men said they would be happy with yearly incomes below HK$600,000, but only one third of the women felt comfortable with that number.

A HK$1.5 million yearly income would mean a monthly salary of HK$125,000. According to the Population Census last year, only 4.2 per cent of the working population earn more than HK$60,000 a month, the highest category in the report. Hongkongers on average earn HK$12,800 per month.

The survey also showed more than 80 per cent of Hongkongers believed a certain level of income could bring them happiness.

"It may be that the relative absence of a social security net combined with the very high cost of property and rising inflation are responsible for places like Hong Kong putting a higher value on income," said Michael Leeson, Royal Skandia's head of sales in Hong Kong and Northeast Asia.

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This article is now closed to comments

jyfb821@yahoo.com
you are full of ****
SpeakFreely
Well 1.5m won't take you too far if you don't own your place. You probably have to pay monthly 30 to 40k on rent alone, another 10k to own a car, 15k tax, 5k for a maid, that left u 30 to 40k to spend on food, entertainment, clothing, oh...if you have kids goes to intonational school....you won't be happy at all...nothing left.
SpeakFreely
The problem in HK is still the property price. Max tax is 15% but our hidden tax is the high property price. I live both in HK and USA. To compare, my community in US average household income around us$100k annual, that is hk$750k, and we have no state tax so tax is around 20% but people can own a home around equal to HK 2500 to 3000 sq ft on a golf course community for around Hk $2m yes, 2M. Or rent for around HK$12 to 15k a month. In my town We have about 50 golf courses and about 10 marina that costs almost nothing to enjoy. Grocery and everything is cheaper than HK too. Oh, blue sky 300 days a year. What I am trying to illustrate is HK is really expensive.
shafinhk
In USA, people are sleeping on the road or in Caravan (RV) in Hong Kong there is a lot of money, you must be intelligent to find and work hard to earn it. why do you live in Hong Kong? i am sure for money.
SpeakFreely
I guess u have not lived outsideHK. Avg wages in US is approx Hk$200 per hr., min wages are mostly around hk$60 per hrs. USa still hold the biggest wealth in the world with approx. 60T avg US$200k per person and is the highest in the world. I worked and visited in many US cities probably over 100 cities, sorry I don't see what u see. Restaurants I went to also has long line up. Wake up Hk Beng brained washed by developers.
Shadow
Agree ?

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