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Hong Kong top retirement choice for ultra-rich expats, St James’s Place says

Two-thirds of the city’s ultra-rich expatriates wish to retire there because of financial benefits and career boosts, says St James’s Place

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Two-thirds of Hong Kong's ultra-rich expatriates said they plan to retire in the city due to strong financial benefits and boosts to their careers, according to a survey by St James's Place. Photo: Sun Yeung
Themis Qi

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.

The findings were published after the British financial advice and wealth management company surveyed 450 affluent and high-net-worth residents in the city. Of the total, 17 per cent held Hong Kong or mainland China passports, with the rest being citizens of jurisdictions around the world ranging from Australia to Spain, according to the first cross-border wealth management-focused “Money on the Move” report.

Hong Kong was the top retirement destination for wealthy expatriates, picked by 67 per cent of high-net-worth individuals, which the British asset management firm defines as those possessing investible assets of HK$1.5 million (US$191,000) or above.

“Living in Hong Kong is full of economic opportunities, accelerating both earnings potential and financial freedom,” said Oliver Wickham, chief executive officer at St James’s Place Hong Kong.

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.

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