Hong Kong’s middle class needs an asset portfolio exceeding HKD20m (USD2.56m) to maintain a monthly retirement income of HKD27,000, according to the HSBC Premier 2024 Affluent Survey released on Thursday. Conducted in August, the survey polled 1,057 individuals aged 24 and above with at least HKD1m in liquid assets. Ideal retirement portfolios include a self-owned, mortgage-free property, reserves for unforeseen medical costs, sufficient savings and investments, and possibly an additional property for rental income. The average Hongkonger begins retirement planning in their mid-40s, but while nearly 75% of middle-class individuals born in the 1980s and 1990s aim to plan early, 45% have not taken action. Only 38% of non-retired respondents feel confident about reaching their target assets by retirement.
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