For the third consecutive year, Hong Kong's affluent population fell due primarily to a poor investment environment, according to a Citi survey.
Hong Kong’s affluent population shrunk by around 2,000 to 408,000 in 2023, according to a survey by Citi, marking the third consecutive annual decline from a peak of 515,000 in 2020. The disappointing investment environment was attributed as the main driver.
The affluent segment is defined as individuals with net assets of at least HK$10 million ($1.3 million) and it accounts for about 7 percent of the city’s total population.
The survey was based on interviews with 1,700 individuals aged between 21 and 79 from October to December 2022 and from April to June 2023.
