HSBC's Latest Affluent Survey
HSBC
Survey: Hong Kong Millionaires Reach Multi-Millionaire Status by Age 39
Climbing
from HKD 1 million to HKD 10 million in just 8 years on average
Most multi-millionaires are not born
with silver spoon – nearly 70% built their wealth mainly through their own
efforts
At the start of the new
year, HSBC's latest Affluent Survey reveals that Hong Kong millionaires
typically grow their assets from HKD 1 million to HKD 10 million by the average
age of 39, reaching multi-millionaire status in just 8 years. Among all respondents,
1 in 13 holds at least HKD10 million in liquid assets.
Notably, most surveyed
multi-millionaires are not born with silver spoon - nearly 70% built their
wealth mainly through their own efforts. By aligning financial management with
lifestyle, they plan wealth with a long-term perspective, actively exploring diverse
investment approaches to grow both assets and quality of life. This reflects
the holistic aspirations of multi-millionaires in the new era.
Becoming a
Multi-millionaire Is Not a Pipe Dream: Diversified Investments Drive Wealth
Growth
The survey finds that
advancing from millionaire to multi-millionaire takes just 8 years on average.
Surveyed multi-millionaires cite investment profits, own business profit,
interest earnings and rental incomes as their primary wealth sources. They tend
to invest in high-return investment products including stocks, funds, and even
alternative assets such as private equity funds, hedge funds, and
cryptocurrencies.
Multi-millionaires
adopt diversified investment strategies: nearly 90% have used or intend to use
leveraged financing to achieve higher returns. Traditional conservative ideas
such as bricks and mortar preserve value or cash is king
are evolving; over 70% of respondents no longer rely solely on property rental
income for monthly earnings.
At the same time,
multi-millionaires display a markedly more aggressive investment stance. They
hold just 28% in cash, with the remaining 72% in investments and insurance —
nearly 10% higher than that of millionaires. For diversification, they
typically hold more than six types of investment products across approximately
five markets — 33% and 42% more respectively than millionaires — demonstrating
their proactive pursuit of diverse opportunities.
“These insights align
with what we see among our clients, who prioritise strategic asset allocation,
diversification, and long-term planning,” said Brian Hui, Chief Customer
Officer, Retail Banking and Wealth, HSBC, Hong Kong. “We are committed to
supporting our growing multi-millionaire segment — up double digit in the past
year — with global expertise and private banking-grade investment
opportunities. In fact, 85% of our multi-millionaire customers saw positive
portfolio returns last year.”
To support the wealth
ambitions of high-net-worth customers, HSBC Premier Elite offers a
comprehensive suite of solutions and services, including:
- Over 1,000 Private Banking-Level Wealth Solutions to capture wider investment opportunities
- Holistic legacy planning solutions and Premier Elite Exclusive Legacy Planning & Taxation Consultancy Services
- Comprehensive wealth lending solutions offering financial flexibility to unlock new opportunities
- Dedicated Premier Elite Professional Team with averaging 16 years of wealth management expertise
Over 93% of
Multi-Millionaires Require Legacy Planning – Children’s Filial Piety Emerges as
key factor
Cross-generational
succession has become a shared goal among the surveyed multi-millionaires. Over
93% of them have a need for legacy planning, with 71% already implementing
theirs. For them, wealth continuity extends beyond assets to family values and
legacy, while 80% of them wish to leave a portion of wealth to grandchildren,
ensuring enduring family legacy.
When considering
challenges of succession, 48% of the surveyed multi-millionaires cite next
generation’s wealth management capabilities as a concern, while 40% have
concern about family communication and fairness during the process. They seek
to make wealth a unifying family force, with children’s filial piety regarded
as a key condition. HSBC’s legacy planning service is chosen by nearly 70% of
surveyed multi-millionaires for tailored solutions.
The Latest Middle-Class
Definition
Respondents generally
believe that HKD 8.35 million liquid assets is required to be considered as
middle class in Hong Kong — a 40% increase compared to 2022, reflecting the
steadily rising threshold.
Rise of AI - Over Half
of Affluents Want Banks to Integrate AI to Develop Their Wealth Strategy
With AI creating new
investment opportunities, the investment mindsets of affluent class are
evolving. Over 60% of them have invested or plan to invest in the AI sector in
the 5 years. More than half hope banks or wealth planners to leverage AI for
more sophisticated investment strategies, while nearly 60% believe using AI for
investments offer higher returns potential.
Affluents Embrace
“Mini-Retirement” – Nearly 30% Eye Sojourn Retirement
Surveyed affluents
generally expect an average monthly passive income of HKD 48,580 for ideal
retirement life. Most prefer a flexible retirement model, with 43% favoring
“mini-retirement” — taking short-term and planned breaks (i.e. several months
to 1-2 years) during career instead of an one-off retirement — aligning closely
with Gen Z lifestyles. Nearly 30% envision a sojourn retirement,
with Chinese Mainland and other Asian countries and regions emerging as popular
destinations.
HSBC has been deeply
rooted in Hong Kong for 160 years, connected globally with an expansive banking
network. HSBC Premier Elite combines technology with professional expertise to
deliver diversified investment products and financial planning tools, empowering
clients to seize market opportunities. By unlocking worldwide investment
possibilities, HSBC drives sustained growth in family and personal wealth,
achieving for clients one milestone after another.
