Number of Hong Kong multimillionaires at 59,000 in 2016: report

HONG KONG - The number of multimillionaires who held 10 million HK dollars (about 1.3 million U.S. dollars) or more in liquid asset in Hong Kong stayed at 59,000 in 2016, a report released by the Citibank Hong Kong showed Wednesday.

Citibank released its Hong Kong Affluent Study 2016 after interviewing 3,770 adults aged from 21 to 79 through telephone. The interview was conduced from October 2016 to February 2017.
According to the report, the average age of the multimillionaires is 58, and 20 percent of them are single.

Among the interviewees, 47 percent are employed, while 53 percent are retired or running their own business. The median of total liquid assets of multimillionaires is 20 million HK dollars.
Lawrence Lam, head of Retail Banking, Citibank Global Consumer Banking, told a media conference that Hong Kong multimillionaires have further diversified their portfolios with more investment products.

The Liquid Asset Allocation chart showed that 36 percent of the money goes to cash and deposits, 27 percent goes to stocks, 18 percent goes to mutual funds and 12 percent goes to bonds.

In addition, children's education and living conditions in Hong Kong could be more a concern than retirement life for multimillionaires with children, the report said.

On average, multimillionaires spend 31,300 HK dollars per month on children's education, and they are willing to provide as much as 500 million HK dollars and more in financial support for their children to purchase a property, according to the report.