About 210,000 people live in subdivided flats in Hong Kong, according to a government study. GDP is a poor measure of prosperity because it does not measure inequality, sustainability, desirability or human or natural capital. A better analysis might incorporate median or modal household income, carbon emissions and pollution. Photo: Felix Wong  About 210,000 people live in subdivided flats in Hong Kong, according to a government study. GDP is a poor measure of prosperity because it does not measure inequality, sustainability, desirability or human or natural capital. A better analysis might incorporate median or modal household income, carbon emissions and pollution. Photo: Felix Wong 
About 210,000 people live in subdivided flats in Hong Kong, according to a government study. GDP is a poor measure of prosperity because it does not measure inequality, sustainability, desirability or human or natural capital. A better analysis might incorporate median or modal household income, carbon emissions and pollution. Photo: Felix Wong 
Richard Harris
Opinion

Opinion

The View by Richard Harris

Why Hong Kong needs a better measure of wealth than GDP

Richard Harris says the textbook indicator of economic size does not give an accurate picture of an economy dominated by the service industries, robust cross-border trade, and speculative sectors like property and shares. Besides, what about equality and sustainability?

About 210,000 people live in subdivided flats in Hong Kong, according to a government study. GDP is a poor measure of prosperity because it does not measure inequality, sustainability, desirability or human or natural capital. A better analysis might incorporate median or modal household income, carbon emissions and pollution. Photo: Felix Wong  About 210,000 people live in subdivided flats in Hong Kong, according to a government study. GDP is a poor measure of prosperity because it does not measure inequality, sustainability, desirability or human or natural capital. A better analysis might incorporate median or modal household income, carbon emissions and pollution. Photo: Felix Wong 
About 210,000 people live in subdivided flats in Hong Kong, according to a government study. GDP is a poor measure of prosperity because it does not measure inequality, sustainability, desirability or human or natural capital. A better analysis might incorporate median or modal household income, carbon emissions and pollution. Photo: Felix Wong 
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Richard Harris

Richard Harris

Richard has pioneered Asian investment management at senior levels for companies such as JP Morgan, Citi, BNY Mellon and several start-ups. He has 40 years of experience in a full range of investment and capital markets activities. He is CEO of Port Shelter Investment Management.