Number of Hong Kong multimillionaires up 14 per cent (and one in 10 wants to leave)
About one in 10 of Hong Kong’s multimillionaires are considering emigrating in the coming five years, a survey has found.
The number of Hongkongers with liquid assets of HK$10 million or more was up 14 per cent last year, a survey has found. But the study also showed that about one in 10 of them wanted to emigrate.
The survey of 3,419 people, aged 21 to 79, was commissioned by Citibank and conducted by the University of Hong Kong's Social Sciences Research Centre from September last year to last month.
It found that the number of millionaires, defined as having HK$1 million or more in liquid assets, such as stocks and bonds, went down slightly from 732,000 to 701,000. It means that 12 per cent of the city's adult population are millionaires.
In contrast, the number of multimillionaires, defined by Citibank as those with HK$10 million or more in liquid assets, climbed 14 per cent to 56,000.
"On average, multimillionaires expect to spend HK$70,000 a month when they retire," said Angel Ng, Citibank's head of retail banking.
With life expectancy for men and women reaching 81 and 87 years respectively, Ng said even multimillionaires may struggle financially because they will need about HK$20 million on retirement to support such spending.