Hong Kong loses thousands of millionaires - Spear's Magazine

Hong Kong loses thousands of millionaires

About 66,000 people fell out of the Hong Kong-dollar millionaire league last yearas shares prices plunged amid the global economic crisis, according to a new survey.

About 66,000 people fell out of the Hong Kong-dollar millionaire league last yearas shares prices plunged amid the global economic crisis, according to a new survey.

The number of people in the affluent former British colony with HK$1 million (US$129,000) in liquid assets fell from 414,000 in 2007 to 348,000 in 2008, the survey by Citibank found.

Assets of the average millionaire fell from HK$4.6 million to HK$3.4 million as the Hang Seng Index shed more than half its value over the course of 2008.

Between them, Hong Kong millionaires saw a collective US$93 billion wiped off their liquid assets, with nearly three-quarters of them losing money, chiefly because of declining stock prices.

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