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HSBC 2022 Study: $750,000 in Liquid Assets to be Considered Middle Class in Hong Kong, Investments in Properties, UK & China Properties & $490,000 for Children Overseas Education

11th November 2022 | Hong Kong

HSBC has released a study on Hong Kong middle class, with 1,000 respondents defining Hong Kong middle class as having $750,000 (HKD 5.9 million) in liquid assets & owning a property.  76% of the respondents consider property investments a viable option to preserve wealth, and 40% with interests in investing in Hong Kong properties, and 28% investing in overseas properties.  The top 5 preferred overseas properties investment locations are United Kingdom (39%), Mainland China (38%), Canada (18%), Australia (15%) and United States (13%).  35% of the respondents plan to send children overseas for education, and invest at least $490,000 (HKD 3.85 million) in children’s education overseas (UK, Canada, Australia etc).  67% have also earmarked $178,000 (HKD 1.4 million) to help children buy property after their graduation.  See below for HSBC 2022 Study. 

“ $750,000 in Liquid Assets to be Considered Middle Class in Hong Kong, Investments in Properties, UK & China Properties & $490,000 for Children Overseas Education “

 

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HSBC Hong Kong Head of Customer Propositions & Marketing, Wealth & Personal Banking, Brian Hui: “Financial opportunities and challenges are constantly evolving for middle class families in Hong Kong. We need to understand what matters most to these customers in order to curate the right products and services.”

HSBC Hong Kong Head of Investments & Wealth Solutions, Wealth & Personal Banking, Sami Abouzahr: ”Our middle class customers have complex wealth ambitions, which requires comprehensive wealth planning to achieve their short, medium and long term goals.”

 

HSBC Premier 2022 New Middle Class Study – Hong Kong HSBC Main Building Hong Kong 1) Hong Kong Middle Class

• 1,000 respondents viewing Hong Kong middle class as having $750,000 (HKD 5.9 million) in liquid assets & owning a property
• Hong Kong Middle Class – $750,000 (HKD 5.9 million) in liquid assets & own a property

2) Wealth Management

• 41% – take a cautious/very cautious approach to wealth management (11% higher since start of 2020 pandemic)
• 52% – are holding more cash than before the pandemic
• 76% – consider property investments a viable option to preserve wealth (67% owns average of 1.4 properties)

3) Properties Investments

• 40% – Invest in Hong Kong properties
• 28% – Invest in Overseas properties

4) Top Properties Investments Locations

• United Kingdom – 39%
• Mainland China – 38%
• Canada – 18%
• Australia – 15%
• United States – 13%

5) Middle Class Priority – Children

• 35% plans to send children overseas (better education, less stressful curriculum, lower exchange rates)
• Invest at least $490,000 (HKD 3.85 million) in children’s education overseas (UK, Canada, Australia etc)
• 67% earmarked $178,000 (HKD 1.4 million) to help children buy property after graduation

6) Retirement / Legacy Planning

• 7 in 10 plan to retire at age 56 to start doing what they love
• 23% have not acted or lacked know-how
• 47% has fallen behind on savings because of pandemic

7) To Recover Shortfall in Savings (Pandemic)

• 61% reduce expenses
• 55% – work part-time work or run business

 

The HSBC Premier 2022 New Middle Class Study was conducted in May 2022, with 1,043 respondents aged 24 to 64 years with liquid assets of HK$1 million or above.

2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

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