HK works hard for the money

Hong Kong ranked third in the world for average wealth per adult last year, possessing an average wealth value of US$582,000 (HK$4.55 million), according to UBS' Global Wealth Report.

Just behind Switzerland and Luxembourg, Hong Kong's average wealth is five times higher than Singapore's. Its median wealth of US$206,859 is the fourth highest globally, following Luxembourg, Australia and Belgium, placing it 14 ranks ahead of Singapore.

However, UBS also pointed out that since 2008, Singapore's wealth has increased by nearly 23 percent while Hong Kong's has declined by 6 percent.

Global total wealth increased by 4.2 percent over a year ago in 2023, with the Asia-Pacific region rising by 4.4 percent.

The investment bank expects more than US$83 trillion of wealth to be inherited within the next three decades as about a fifth of the world's assets are held by people over the age of 75.