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Hong Kong’s multimillionaire population dropped 15 per cent last year as stock market slump hit wealth, according to Citibank survey
- About 434,000 Hongkongers were estimated to have at least HK$10 million (US$1.27 million) in assets last year, down from 515,000 in 2020, the study found
- The city’s affluent are likely to adopt a more conservative and diversified approach to investment going forward, it said
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The number of multimillionaires in Hong Kong fell last year as a challenging local investment environment undermined their wealth, according to the results of a survey released by Citibank on Tuesday.
The city’s affluent will adopt a more conservative and diversified approach to investment going forward, the study indicated.
About 434,000 people in Hong Kong were estimated to have at least HK$10 million (US$1.27 million) each in total assets last year, a 15 per cent drop from 515,000 in 2020, according to Citibank’s “Hong Kong Affluent Study 2021”, which was conducted between October last year and January this year.
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A multimillionaire is defined by the bank as someone who has more than HK$10 million in total net assets and at least HK$1 million in liquid assets.
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The drop in the number of multimillionaires in the city could be a result of the disappointing performances of the Hong Kong and Chinese stock markets over the past year, said Josephine Lee, head of retail banking at Citibank Hong Kong. She was speaking at a media briefing at the launch of the survey.
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She pointed to the 14 per cent fall in the Hang Seng Index in 2021, and the 23 per cent plunge in the Hang Seng China Enterprises Index. However in the US, the S&P 500 rose 27 per cent last year.
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