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SG HK's richest still bank on property

Property Here - Friday, April 05, 2013

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By Romesh Navaratnarajah:

Despite Hong Kong’s red hot luxury property market, its ultra-high net worth individuals (UHNWIs) hold US$43 billion (S$53 billion) worth of real estate assets or nine percent of the total net worth of its UHNW population, according to data from Wealth-X.

The report also revealed the statistical profile of a typical UHNWI in the territory based on wealth and demographic indicators.

Females account for one in every four UHNWIs, while a typical UHNWI is married, 57-years old and is self-made, owning an average net worth of US$150 million (S$186 million) and liquid assets of US$34 million (S$42 million).

Overall, UHNWIs in Hong Kong own US$52 billion (S$64 billion) worth of luxury assets, ranging from private aircraft to art and collectibles. Meanwhile, an UHNWI here owns US$14 million (S$17 million) worth of real estate holdings. 

“Among assets, real estate continues to dominate Hong Kong UHNWIs' luxury portfolios,” said Mykolas D. Rambus, CEO of Wealth-X.

“The continuing allure of property is very much attributable to wealth creation particularly for Hong Kong where real estate has been the source of wealth for many of Hong Kong's storied billionaires that include Li Ka Shing, Lee Shau Kee and Cheng Yu Tung.”

 

Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg