There are several reasons why millionaires are leaving Hong Kong.
Political unrest: Hong Kong has experienced significant political unrest in recent years, particularly with the introduction of the controversial extradition bill in 2019, which led to widespread protests. The subsequent enactment of the National Security Law in 2020, which gives China greater control over the region, has raised concerns about the erosion of civil liberties and the autonomy of Hong Kong’s legal system. There have been clashes between pro-democracy activists and the government. These political developments have prompted many individuals, particularly the wealthy, to start relocating to countries with more stable political environments.
Economic uncertainty: Traditionally known for its robust economy and favorable business environment, Hong Kong has been a global financial hub, attracting businesses and wealthy individuals. However, the political unrest and the impact of the COVID-19 pandemic, leading to a recession starting in 2020, have introduced greater economic uncertainty. The ongoing trade tensions between the United States and China, along with the potential for changes in Hong Kong’s economic relationship with the mainland, have created concerns about the long-term economic prospects of the city. Many millionaires are seeking more stable and predictable business environments elsewhere.
It’s worth noting that while there has been a notable outflow of millionaires from Hong Kong, the city continues to attract new entrepreneurs and investors due to its strategic location, strong infrastructure, and status as an international financial hub.
Review the following, to get some perspective on this subject.
Overall, there in no dirth of reasons for millionaires leaving Hong Kong.