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Number of Hong Kong taxpayers earning over HK$900,000 rises despite tax revenue drop, with ‘King of Employees’ Canning Fok at HK$129.7 million

  • Provisional figures show 15.4 per cent of 1.83 million taxpayers earned over HK$900,000 in last financial year, up one percentage point from 2022-23
  • Authorities have not disclosed names of highest earners, but Post check finds heavy hitters from major conglomerates earn anywhere from HK$9 million to HK$130 million

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Pedestrians in Central. Authorities have said tax revenue dropped by HK$18.2 billion to HK$342 billion in 2023-24. Photo: Yik Yeung-man

The number of Hong Kong taxpayers earning more than HK$900,000 (US$115,000) annually increased in 2023-24 compared with the previous financial year despite a drop in tax revenue, with the highest earners including an executive from a top conglomerate who raked in nearly HK$130 million.

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Provisional figures released by the Inland Revenue Department on Thursday showed 15.4 per cent of the city’s 1.83 million taxpayers earned more than HK$900,000 in annual income in the latest financial year, up one percentage point from 2022-23.

While the authorities did not disclose the names of the highest earners, a Post check of company annual reports found CK Hutchison Holdings co-executive director Canning Fok Kin-ning, once dubbed the “King of Employees”, made HK$129.7 million in the year ending December 31, 2023, which included about HK$12.3 million in basic salary and HK$116 million in bonuses.

But his overall pay was 36.4 per cent lower than the HK$204.2 million he earned in 2022.

CK Hutchison’s underlying profit decreased 9 per cent to HK$23.5 billion in 2023 amid a slowing global economy and a high interest rate regime.

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