The highest percentage of multimillionaires with an eye toward emigrating choose Canada and Britain as their top destinations.
Hong Kong is home to some 56,000 wealthy households—about 1 percent of the population-- with at least HK $10 million in liquid assets, according to a new study. This is a 14 percent increase over last year. Twelve percent of Hong Kong’s adult population has at least HK$1 million or more in liquid assets, such as stocks or bonds.
But for long will Hong Kong remain their home?
The survey of more than 3,400 people, ages 21 to 79, commissioned by Citibank and conducted by the University of Hong Kong’s Social Sciences Research Centre, finds that about one in 10 of Hong Kong’s millionaires want to emigrate in the next five years.
The highest percentage of multimillionaires with an eye toward emigrating choose Canada as their top destination (43 percent), followed by Britain (28 percent). Fourteen percent chose the United States, New Zealand, Taiwan and Australia as their most preferred emigration destination.
Four-in-ten respondents cited Hong Kong’s education system as the primary reason for their dissatisfaction, while roughly one-fourth reported being unhappy with their living environment.
Almost four-in-ten (36 percent) of the multimillionaires had at least one child studying overseas, while 29 percent had at least one attending an international school in Hong Kong.
Jean-Francois Harvey, a managing partner at Harvey Law Corporation, told Voice of America that his firm has seen a 50 percent increase in clients seeking to emigrate abroad. “The last two or three years we have a retirement emigration wave,” he said. “We see more and more students who go and study outside of Hong Kong and who aren’t coming back.”
Mainland China has seen a similar emigration wave. Forbes cites Huran Research Institute findings that 64 percent of the country’s “high net worth individuals” were either emigrating or planning to do so. Bloomberg reports than more than 76,000 Chinese millionaires emigrated or acquired citizenship of another country in the decade through 2013.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.