Hong Kong has more millionaires than ever before but loses out to rival Singapore on average wealth
- The number of millionaires in Hong Kong rose 9 per cent this year but average individual wealth of US$244,672 is 14 per cent less than in Singapore
Hong Kong now has more millionaires than ever before but still lags behind its traditional rival Singapore in terms of individual wealth, according to a survey by the Credit Suisse Research Institute.
The number of Hongkongers worth more than US$1 million stood at 179,000 by the middle of 2018, up 9 per cent from a year ago. But there was little improvement in terms of the average worth of a Hongkonger, with the city remaining in 14th place globally.
Rival finance hub Singapore crept into the top 10, the only Asian market to do so. The average person there boasts a net worth of US$283,120, higher than Hong Kong’s US$244,672, putting the city state in ninth place internationally.
The 2018 Global Wealth Report surveyed 5 billion people in 200 markets worldwide.
The increase in the number of Hong Kong millionaires was probably down to the strong performances of the stock and property markets in the second half of last year, the report said.
Mainland China ranked second in terms of total wealth, estimated at US$52 trillion, behind the United States on US$98 trillion. But the average mainlander has US$47,810 of wealth, the 39th highest worldwide. China is the world’s most populous country with more than 1.3 billion people.
