But most of those surveyed remained optimistic, with 58 per cent saying they expected emigration-induced turnover rates to stabilise later in the year, compared with 35 per cent who anticipated skill shortages.

The survey by the city’s largest business chamber interviewed 220 company representatives from its 4,000 members from January 10 to 21.

Where to go for those fleeing Hong Kong until better times return?

HKGCC chairman Peter Wong Tung-shun said the loss of human capital was concerning as the city was already experiencing the effects of an ageing population.

“Hong Kong is facing an exodus of educated workers on a scale not seen since the early 1990s and this will have a material knock-on impact on the economy,” he said.

“Given the importance of human capital in Hong Kong’s service-driven and knowledge-based economy, there is real cause for concern if we cannot stem the current brain drain.”

Hong Kong recorded a net outflow of 71,354 people in February, the highest figure since the worsening fifth wave of coronavirus infections began in late December.

According to passenger traffic data from the Immigration Department, 94,305 people left the city in February, while only 22,681 arrived.

The latest net outflow is significantly higher than the 15,252 logged in January, and 16,879 in December.

Hong Kong marks net outflow of 71,354 departures in record high

Respondents indicated that employees aged 30 to 39 and the 40-49 bracket were the top two age groups leaving Hong Kong.

The departure of talent also spanned a broad skill range, with the highest emigration rates including personnel from engineering and technical services at 28 per cent, while finance and accounting, as well as information technology, ranked at 21 per cent.

Middle and first-level management were also found to be more likely to emigrate, with 51 per cent and 56 per cent respectively opting to depart compared with 12 per cent of those in senior positions, the survey said.

“The global competition for talent is already acute and Hong Kong cannot afford to lose the race to attract and retain talent,” Wong said.

“To stem the tide of departing workers, it is essential the government regularly review its policies to ensure Hong Kong remains an attractive place to live, work, study and raise a family.”

Nightlife and entertainment magnate Allan Zeman agreed, saying compounding factors led to people leaving the city for good, such as the strict social-distancing curbs affecting business owners, school suspensions, a lack of clarity over the coming compulsory universal testing scheme and the fear of separating infected positive children from their parents.

“Hong Kong’s success was always built on its people and a skilled workforce. The amount of people leaving is scary, I’ve never seen it,” said Zeman, the founder of Lan Kwai Fong complex in Central.

He noted that both international and local talent in many cases across sectors from hospitality to engineering felt there was no light at the end of the tunnel.

Zeman also warned “it could take years” to rebuild the attractiveness of the city for foreign talent and business.

“If we keep the mainland [China] border and international borders closed, Hong Kong won’t be Hong Kong,” he added.