Citi says multimillionaires in Hong Kong have been diversifying their assets and carrying out risk management as well. Photo: Reuters
Citi says multimillionaires in Hong Kong have been diversifying their assets and carrying out risk management as well. Photo: Reuters

Hong Kong’s multimillionaire population hit record high last year even as its economy had its worst recession on record

  • About 515,000 people are estimated to have US$1.28 million each in total assets last year, up from 413,000 in 2019, according to Citibank’s Hong Kong Affluent Study 2020
  • As governments took measures to save economies, many investment instruments appreciated in value, generating gains for investors, lender’s head of retail banking says

Citi says multimillionaires in Hong Kong have been diversifying their assets and carrying out risk management as well. Photo: Reuters
Citi says multimillionaires in Hong Kong have been diversifying their assets and carrying out risk management as well. Photo: Reuters
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