Hong Kong multimillionaire population drops as liquid assets and net worth decline in 2023: Citibank
- Median liquid assets of people with more than HK$10 million (US$1.28 million) in wealth dropped by HK$1 million to HK$4.5 million this year, survey says
- Although their population fell slightly, multimillionaires account for one in 14 Hongkongers aged between 21 and 79, Citibank says
The typical Hong Kong multimillionaire lost HK$1 million (US$128,000) in liquid assets this year as their median net worth declined slightly, according to Citibank Hong Kong research. The overall population of such wealthy individuals also fell.
The median liquid assets held by the city’s multimillionaires – defined as individuals with net worth of more than HK$10 million – dropped to HK$4.5 million, as of the end of June, down from HK$5.5 million at the end of 2022, the bank said in a report released on Wednesday.
Median net worth fell slightly to HK$16 million from HK$16.5 million at the end of 2022, but is still on a general upwards trend from HK$15.7 million in 2021 and HK$15.5 million in 2020, the report said.
Hong Kong’s multimillionaire population fell to 408,000 as of June, compared with 410,000 at the end of 2022, against a backdrop of sluggish economic performance and struggling property and stock markets.
Individuals with more than HK$10 million in wealth account for 7 per cent, or one in 14, of the city’s population aged between 21 and 79, Citibank said.
