UBS Group AG: Average wealth of Hong Kong residents to increase by over 5% to HKD 4.54 million in 2023, with financial assets accounting for 70%

In 2023, UBS predicts that the average wealth per capita in Hong Kong will increase by over 5% to reach HKD 4.54 million, with financial assets accounting for over 70%. According to UBS's "Global Wealth Report," global wealth is expected to grow by 4.2% in 2023, with wealth in the Asia-Pacific region increasing by 4.4%. Average wealth in Hong Kong is projected to grow by over 175%, mainland China by over 365%, and Taiwan by nearly 130%. The median wealth in Hong Kong is $206,900, ranking fourth globally. UBS forecasts that by 2028, the number of millionaires in Hong Kong will increase by over 17% compared to 2023. Additionally, an estimated $83.5 trillion in wealth will be transferred through inheritance in the next 20 to 25 years