Date
18 December 2017
Where in the world ... Hong Kong families have at least US$100 million of private wealth per 100,000 households, more than their counterparts in any place on earth, according to a survey. Photo: Bloomberg
Where in the world ... Hong Kong families have at least US$100 million of private wealth per 100,000 households, more than their counterparts in any place on earth, according to a survey. Photo: Bloomberg

Hong Kong tops world in pro-rata household millionaires

Hong Kong has the most number of millionaire households per 100,000 families, comfortably topping Switzerland and Singapore.

A survey by Boston Consulting Group shows 417 Hong Kong families had assets of at least US$100 million last year, up from 323 in 2012 thanks to a robust stock market.

That works out to 16.8 super rich Hong Kong families per 100,000 households. Switzerland had 11.3 and Singapore 7.4, Ming Pao reported Tuesday, citing Boston Consulting’s Global Wealth 2014 report.

A surge in asset prices in recent years, especially stocks, has created a few “paper millionaires” in Hong Kong, Guan Cheuk-chiu, a Hong Kong economist, was quoted as saying.

However, such assets are likely to sharply lose value in eight to 10 years when the property bubble bursts, Guan said.

Globally, private wealth hit US$152 trillion in 2013, up 14.6 percent from the previous year, accelerating from 8.7 percent year on year growth in 2012, the survey shows.

Key drivers were the equity markets and new wealth in rapidly developing economies.

The survey covered individual financial assets including cash, deposits, funds, stocks, as well as onshore and offshore investments. Property and luxury assets were excluded.

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