The buying and selling of property helped to increase the number of Hong Kong dollar millionaires by 14,000 during 2004, according to a survey by the banking group Citibank.
Citibank’s Consumer Wealth Review revealed that the number of individuals with liquid assets of more than HK$1 million (US$128,000) stood at 274,000 in 2004, up from 260,000 in 2003.
The survey found that on average, the respondents had made their first million by the age of 37, usually as a result of investing in property or through savings.
Since the middle of 2003, property prices have risen by 60% in Hong Kong, reversing a long period of deflation. Meanwhile, the Hang Seng stock market gained 13% during 2004, achieved this against a backdrop of 7% GDP growth.
Citibank also found that the average level of liquid assets held by Hong Kong residents has risen 10% to HK$3.4 million.
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