One in every 125 Hongkongers is worth at least US$5 million, ranking the city fifth globally, Wealth-X survey finds

Name: China’s rich hire experts to tidy wardrobes stuffed by online shopping sprees during the pandemic
Uploaded: 2021-04-15T12:00:10.000Z
Duration: 3 min 6 s
Description: China’s rich hire experts to tidy wardrobes stuffed by online shopping sprees during the pandemic

Hong Kong was placed fifth in a list of 10 cities ranked by the density of ‘very’ rich people in their populations by the American wealth data provider

The booming stock market, with its string of mega IPOs, is seen as a huge contributor to individual wealth in the city

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One in every 125 Hong Kong residents have a net worth of at least US$5 million, according to the survey. Photo: Shutterstock

Cheryl Arcibal

Published: 8:00pm, 15 Apr 2021Updated: 9:04pm, 15 Apr 2021

More than 60,000 Hongkongers, or one in every 125 residents, have a net worth of at least US$5 million, making the city one of the most affluent in the world, according to a new report.

Hong Kong was placed fifth in a list of 10 cities ranked by the density of very rich people in their populations by the American wealth information and insights provider Wealth-X.

It is the only Asian city that made the list, now in its second edition, which counts those sitting on a fortune of between US$5 million and US$30 million – categorised as very high-net-worth individuals.

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Being an international finance centre, the city is able to generate more wealth for its residents, said Joseph Tsang, chairman of property agency JLL in Hong Kong.

The equities market is apparently one of the main drivers of wealth for the affluent.

“A robust stock market will help to create more wealthy people,” Tsang said.

Fundraising via new share listings in Hong Kong rose more than ninefold to a record in the first quarter of this year, pushing the city’s main board to second place behind Nasdaq in the global rankings for initial public offerings (IPOs).

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