Investment Migration – From: Hong Kong

There are several reasons why millionaires are leaving Hong Kong.

  1. 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.

  2. 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.

  3. Taxation: Hong Kong has long been known for its favorable tax environment, with relatively low tax rates and no capital gains tax or estate tax. However, there have been discussions and proposals to introduce new taxes or increase existing taxes in the city. The potential changes in taxation policies have affected the attractiveness of Hong Kong as a financial hub for millionaires seeking tax advantages, leading many to relocate to jurisdictions with more favorable tax regimes.
  4. Wealth preservation and diversification: Many millionaires are looking to diversify their assets and reduce their exposure to Hong Kong, and even more so to China. They are concerned about the concentration of their wealth in a single location and want to spread their investments across different countries to mitigate risks. This strategy is driven by the desire to protect their wealth, preserve their assets, and take advantage of investment opportunities worldwide.
  5. Lifestyle and education: Some wealthy individuals choose to relocate for personal reasons, such as lifestyle preferences or educational opportunities for their children. They may be attracted to countries with lower taxes, better healthcare systems, safer environments, or higher-quality education options. These factors can play a significant role in the decision to leave Hong Kong, particularly for families with substantial wealth.

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.

  1. Thousands of people are leaving Hong Kong …
  2. Wealthy desert Hong Kong for Singapore, elsewhere
    amid political uncertainty

    Radio Free Asia.
  3. Hong Kong loses favour among millionaires
  4. Entrepreneurs Flee China’s Heavy Hand:
    ‘You Don’t Have to Stay There’

    New York Times.
  5. The wealthy are fleeing Hong Kong and bypassing the U.S.
    to come to Canada instead

    Financial Post.
  6. China’s rich moving out of Hong Kong
    to seek asset safety elsewhere: Report

    Business Standard.
  7. As wealthy flee Hong Kong,
    they bypass US to find other havens

    Straights Times.
  8. Hong Kong:
    The Rise and Fall of “One Country, Two Systems”

    Harvard Kennedy School:
    ASH CENTER for Democratic Governance and Innovation
  9. Singapore family offices grow
    as wealthy Chinese look beyond Hong Kong

    Asian Investor.
  10. GUIDANCE —
    Overseas business risk: Hong Kong

    UK help and services in Hong Kong.
  11. U.S. Businesses Lead Exodus Out of Hong Kong
    The Street: Real Money.
  12. Commentary:
    The gap between Singapore and Hong Kong
    as financial hubs is narrowing

    News Asia Channel.
  13. The population exodus that will change Hong Kong forever
    East Asia Forum.
  14. The well-off families who’ve fled Hong Kong
    and come to Greater Manchester
    for freedom, top schools and property

    Manchester Evening News, UK.
  15. Leaving Hong Kong
    History Today.
  16. Wealthy Hong Kong bankers ‘escape’
    unrest in exclusive enclaves

    eFinancialCareers Malaysia.
  17. Hong Kong Exodus May Threaten
    City’s Global Financial Status

    Voice of America News.
  18. Seeking Sanctuary in the Old Empire
    The Atlantic.
  19. ‘Hong Kong is strange to me now’:
    how five refugees are finding
    their new lives in Britain

    The Guardian.
  20. U.S. can’t just bury and forget Hong Kong
    POLITICO China Watcher.

Overall, there in no dirth of reasons for millionaires leaving Hong Kong.