ONE IN SEVEN PEOPLE IN HONG KONG IS A MILLIONAIRE.

While many people dream of being in the top 0.01 percent of wealth in the world, in Hong Kong that dream is far more likely to be a reality.

According to a recent Citibank study, statistics showed the city's population in 2017 was 7.36 million and it had a million millionaires in the same year. In other words, one in seven people in Hong Kong are millionaires.

Hong Kong had a million millionaires last year, up 15% from a year earlier, 68,000 of whom have at least 10 million Hong Kong dollars, or $1.27 million, according to a Citibank study released Thursday.

The study defines millionaires as those with liquid assets - deposits, mutual funds, and stocks and bonds - of 1 million Hong Kong dollars ($127,430). It was conducted from September to November last year and involved 4,139 Hongkongers and 200 mainlanders.

Lau Man, 76, the chairman of the Hong Kong Reparation Association, in Hong Kong in 2015 with his 100,000 Japanese military yen left by his father. Image: REUTERS / Bobby Yip.

The growth in the number of millionaires was a result of the rising stock and property markets last year. The Hang Seng Index rose 36% in 2017 while property prices rose 14%, creating more wealthy men and women in Hong Kong.

"Looking ahead, the number of millionaires will increase in 2018,"
said Lawrence Lam, the head of retail banking at Citibank Hong Kong.
"The stock market sentiment is strong while property prices will keep rising even with the interest rate rises."

Lawrence Lam, the head of retail banking at Citibank Hong Kong.
Image:SCMP.

So yeah, things are looking pretty damn affluent in Asia's World City right now. The wealth is defined as residents with liquid assets (i.e. deposits, mutual funds, and stocks and bonds).

This is great and all, but it's probably worth noting one million Hong Kong dollars doesn't quite mean the same thing in UK currency. In fact, it amounts to around £91,000.

Still, you can't argue with that amount of money - it's more than a lot of people have lying around in the United Kingdom. Apparently the sharp spike in wealth was a result of the rising stock and property markets last year.

The Hang Seng Index rose 36 percent in 2017 while property prices rose 14 percent, creating more rich citizens in Hong Kong.

However, it's probably also worth noting that one million Hong Kong dollars doesn't buy much in regards to property in the city.

Last week, a 209-square-foot apartment, only slightly bigger than a standard shipping container, was bought for 37,651 Hong Kong dollars per square foot - a record price for the so-called 'micro-apartments' in the city. Yeowch.

You might also remember back in June last year, a Hong Konger actually paid nearly six million Hong Kong dollars (£521,500) for a parking space. That's right. Not even a house. Or a 'micro-apartment'. A freakin' parking space.

So yeah, while it might sound ace to be an official millionaire, the reality of it in Hong Kong doesn't quite live up to the fantasy.

But Hong Kong's richest people have more overseas properties than their mainland counterparts - 1.3 versus 0.7% for Chinese millionaires.

Stocks and cash were their other major investments. The city's millionaires had 14% in cash and 9% in stocks, while mainland millionaires had 12% of their assets in cash and 7% in stocks.

The sources of their wealth are different, however. Hong Kong millionaires said 55% of their money was generated from their salary, while mainlanders said 55% accumulated their wealth from running a business. The rest was from investments and inheritance from parents.

About 71% of mainland millionaires run their own business, while only 21% of Hong Kong millionaires owned a business.

Among the concerns raised by the two sets of millionaires, the bank found Hong Kong's were most unsatisfied about the living environment and education system in the city, while mainlanders were most concerned about their medical system.

Lam said 17% of millionaires in Hong Kong planned to migrate to other countries compared with 26% from the mainland, with Australia their No. 1 destination.

In terms of their banking habits, Hong Kong's affluent group engaged in mobile banking a lot more than the general public, the report showed.

SOURCE:

BI.

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