Two-thirds of ultra-rich expatriates living in Hong Kong plan to retire in the city, thanks to stronger financial benefits, according to a survey by St James’s Place.
Hong Kong was the top retirement destination for wealthy expatriates, picked by 68 per cent of mass affluent individuals, 58 per cent of affluent individuals and 67 per cent of high-net-worth individuals, who are typically regarded as possessing bankable assets of US$1.2 million or above.
The percentages were far higher than those who prefer their own home countries, ranging between 23 per cent and 29 per cent as the next-best choice.
For the expatriates who responded to the survey, the career advancements and financial benefits of Hong Kong were cited as the major drivers of their decision to relocate.
Ninety-six per cent of expatriates in Hong Kong said they earned more abroad than they would at home, with 15 per cent rewarded pay increases of more than 50 per cent and 45 per cent having gained salary boosts of 25 per cent or more.