Hong Kong has more Millionaires than ever before but loses out to rival Singapore on Average Wealth. Millionaires by Country, Region, and Women.
1. Title: Hong Kong has more millionaires than ever before but loses out to rival Singapore on average wealth.
2. Review:
An excellent article on the Wealth Distribution and Millionaires by Country, Region, and Women.
The number of millionaires in Hong Kong rose 9% this year but average individual wealth of US$244,672 is 14% less than in Singapore.
The number of Hongkongers worth more than US$1 million stood at 179,000 by the middle of 2018, up 9% from a year ago. But there was little improvement in terms of the average worth of a Hongkonger, with the city remaining in 14th place globally.
Mainland China ranked second in terms of total wealth, estimated at US$52 trillion, behind the United States on US$98 trillion. But the average mainlander has US$47,810 of wealth, the 39th highest worldwide. China is the world’s most populous country with more than 1.3 billion people.
Switzerland (US$530, 240), Australia (US$411,060) and the US (US$403,970) were the top three in terms of per-capita wealth as of mid-2018.
Hong Kong has total wealth at US$1.5 trillion, up 5.8% from a year earlier.
Even in light of the stock market downturn – the benchmark Hang Seng Index is down more than 10% this year.
The study found Hong Kong has 1,907 “ultra-rich” people worth more US$50 million, putting it in 15th place globally.
China, Japan, Australia, Korea and Taiwan are home to about 8.8 million millionaires, over 20% of the global total.
Women now account for an estimated 40% of total global wealth. Germany has the largest female proportion of billionaires (26%), followed by Sweden (25%), Switzerland (23.8%), and Australia and India (both 18.6%), the Credit Suisse report said.
3. Rating: #RobertChaenReview (Wealth, Hong Kong): 7 | 10
#HongKongWealth
#MillionairesByCountry
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Published: 16th October 2018.
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