The number of wealthy households in Hong Kong slipped at the end of 2019 in the midst of social unrest and a coronavirus outbreak while other Chinese cities stayed flat, according to a recent report by Hurun Research Institute.
The number of Hong Kong households with at least 6 million yuan ($929,220) fell from 551,000 to 549,000, as of 2019-end according to the latest Hurun Wealth Report.
Still, the city was placed third behind Shanghai and top-ranking Beijing which led the list with 715,000 high net worth families, up 11,000 year-on-year.
The report accounts for household wealth by liquid assets which include cash, stocks, bonds, mutual funds and insurance policies.
$12 Trillion Wealth Transferal
Overall, the Chinese market saw a slight uptick of 1.4 percent to 5.01 million households with at least 6 million yuan. 2.02 million Chinese families had at least 10 million yuan and 130,000 households had at least 100 million yuan, a 2 percent and 2.4 percent increase, respectively.
But more importantly than the total wealth is the size of the transferal expected to occur in the coming decades.
According to the report, 78 trillion yuan will be handed over the coming 30 years to the next generation which is set to lead consumption trends in about three to five years.
