10% of millionaires from Hong Kong mulling emigration

A recent survey from the University of Hong Kong’s Social Sciences Research Centre has found that 10 per cent of millionaires from Hong Kong are considering emigrating from the city within the next five years.

Citi commissioned the study which also discovered 701,000 people from Hong Kong (12 per cent of total population) had a HK$1 million fortune and the people who had liquid assets valued at more than HK$10 million amounted to 56,000.

Around 11 per cent of the millionaires (those worth at least HK$10 million) implied that they planned to emigrate before 2020. Approximately 43 per cent of them choose Canada as the favourite place to move to, and Britain was the second choice with 28 per cent. Australia, Taiwan, New Zealand and The United States were also mentioned as popular countries to emigrate to.

The head of Citi’s retail banking, Angel Ng, said that Taiwan was a popular destination due to its culture.

Some 3,419 people with ages ranging from 21 to 79 participated in the survey, which was conducted from September 2014 to January 2015.