1 out of 12 Hong Kongers aged 21-79 is a multi-millionaire, Citibank survey

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8th April 2021 – (Hong Kong) Citibank today (8th) announced the results of the latest “Hong Kong Affluent Study aka Hong Kong Multimillionaires Survey”. From November last year to January this year, there were 510,500 Hongkongers with net assets of HK$10 million or more. Ten thousand people, an increase of about 2% from 504,000 in the first half of last year, a record high in the survey. The median net asset value of multi-millionaires was HK$15.5 million, a decrease of HK$1.5 million from the first half of last year. The bank believes that under the epidemic, local governments have introduced measures to stabilise financial markets, and believe that some investors have become multi-millionaires because of their investment profits.

Citibank conducted a relevant survey from November last year to January this year through telephone interviews with more than 4,000 Hong Kong residents aged between 21 and 79, it was found that there are 515,000 “multi-millionaires” in Hong Kong, accounting for 28.7% of the total population of relevant ages in Hong Kong i.e. almost 1 out of every 12 Hong Kong people of this age group is a multi-millionaire. 25% of multi-millionaires said that their current assets have increased compared with the end of 2019, with a median increase of HK$1 million. Among them, 65% said that the main reason was the return on investment. Regarding the property market in Hong Kong in the next 12 months, nearly half of multi-millionaires believe that property prices will fall, but compared with 79% in the first half of last year, more people are optimistic about the property market. In terms of homeownership, 69% and 38% of multi-millionaires think they are not interested in purchasing properties or that it is not the time to buy, but there are also around 10% who intend to purchase when prices are low.

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