Hong Kong’s multimillionaire population hit record high last year even as its economy had its worst recession on record

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The number of multimillionaires in Hong Kong hit a record high last year – despite the city recording its worst recession on record because of the pandemic – according to the results of a survey released by Citibank on Thursday.

As many as 515,000 people in Hong Kong were estimated to have HK$10 million (US$1.28 million) each in total assets last year, up from 413,000 in 2019, according to Citibank’s Hong Kong Affluent Study 2020, which was conducted between November last year and January this year. A multimillionaire is defined by the bank as someone who has more than HK$10 million in total net assets and at least HK$1 million in liquid assets.