Hong Kong’s affluent become millionaires at an average age of 33, HSBC Premier survey suggests

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The affluent in Hong Kong are re-evaluating their financial priorities as prevailing economic challenges lead many to reconsider ways of meeting their goals for long-term wealth preservation.

That is according to the “HSBC Premier 2023 Affluent Survey”, which aims to assess the financial needs and aspirations of Hong Kong’s affluent demographic, which collected responses from individuals aged between 24 and 64 years old with liquid assets of at least HK$1 million (US$129,000). It is the second study of its kind by HSBC Premier, the first being conducted last year to gain a better understanding of the demographic’s perception of being affluent and their wealth aspirations.

The perceived threshold of liquid assets of the affluent demographic in Hong Kong is HK$6.37 million (US$814,000) – an increase of 8 per cent year-on-year. The figure reflects the financial aspirations of people in that group to realise their main goals, which include wealth management, investment and planning for their children’s futures.

According to the survey, the city’s affluent become millionaires (reaching liquid assets of HK$1 million) at the age of 33, on average, and they are confident about reaching the next milestone of HK$10 million (US$1,279,000) by the age of 62. In fact, 6 per cent of the respondents had already reached the HK$10 million mark at an average age of 45.

Revealing the portfolio composition of the respondents, the survey shows they have adopted a more aggressive investment approach, with 70 per cent of their cash in financial assets. In comparison, their counterparts with liquid asset of less than HK$10 million have kept more than 40 per cent of their cash in risk-free deposits.