One in seven Hong Kong resident is a millionaire

Citibank study revealed one million millionaires reside in Hong Kong in 2017. More than 68,000 of whom have at least HK$10-million (Dh4.6 million).

The study result was 15 percent higher compared in 2016.

The study defined millionaires as “those with liquid assets – deposits, mutual funds and stocks and bonds – of HK$1 million.”

This meant that one in seven Hong Kong residents is now a millionaire, reported South China Morning Post.

The result is attributed to the growing stock and property markets in the country.

The increase in the number of millionaires in the country is expected to carry on in 2018.

“Looking ahead, the number of millionaires will increase in 2018,” said Lawrence Lam, head of retail banking at Citibank Hong Kong.

“The stock market sentiment is strong while property prices will keep rising even with the interest rate rises.”

For Hong Kong millionaires, more than half of their assets came from their income, recording at 55 percent. The rest came from inheritance and investments.