The number of US-dollar millionaires is growing faster in Hong Kong than anywhere else in the world, the Hong Kong Economic Journal reported Friday, citing the World Wealth Report released by RBC Wealth Management and Capgemini.
The report said the wealth of Hong Kong’s high-net-worth individuals — people with at least US$1 million in liquid assets — has expanded at a world-beating compound annual rate of 28 percent over the past five years.
The number of millionaires has also risen at an annual rate of 27 percent over the same period, the fastest of the 25 economies covered by the survey.
In all, Hong Kong boasted 124,000 high-net-worth individuals last year, up 9.4 percent from 2012. Their wealth, meanwhile, rose 11.9 percent to a combined US$627 billion. The United States led the world with more than 4 million millionaires.
Simon Ng, Hong Kong managing director of RBC Wealth Management, said the growth in wealth in Hong Kong over the past five years is the result of the stimulus policy Beijing introduced in the wake of the 2008 global financial crisis.
Hong Kong property curbs could take a bite out of the elite’s assets but the impact will be limited because property makes up just 20 percent of the portfolios of this group of people.
The survey also found that high-net-worth individuals in Asia have shifted their investment focus from preserving value to growth, indicating a bigger risk appetite.
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