Hong Kong’s millionaire population falls 14 per cent in first half as coronavirus- battered economy drives exodus

Hong Kong slipped four places to 12th in a list compiled by migration consultancy Henley

China’s tech hub, Shenzhen, is on the rise in terms of its wealthy population and is likely to break into the top 20 by 2030

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A previous report by Henley estimated that this year 3,000 millionaires would leave Hong Kong. Photo: Felix Wong

Published: 6:30am, 14 Sep 2022

The number of millionaires in Hong Kong declined in the first half of the year, dragging the city out of the top 10 among the world’s wealthiest places, according to a study by London-based migration consultancy Henley & Partners.

Hong Kong slipped four places to 12th after the number of high net-worth individuals (HNWIs), or those with investible assets of at least US$1 million, fell by 14 per cent to 125,100.

It was the biggest faller in the list. Singapore, its rival financial hub in Asia, is ranked fifth with 249,800 millionaires, an increase of 1 per cent from the start of the year.

New York topped the league, while Tokyo took second place. London, in fourth, is the highest ranking city from Europe.

Mainland China’s biggest cities, Beijing and Shanghai, placed ninth and 10th, respectively.

The report cited data from South Africa-based New World Wealth, which Henley described as the “only independent wealth research firm systematically tracking global private wealth migration trends between countries and between cities.”

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