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MoneyOne in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths

21:35  07 august  2019
21:35  07 august  2019 Source:   businessinsider.com.au

Chinese state media accuse the West of 'distorting' Hong Kong protests

Chinese state media accuse the West of 'distorting' Hong Kong protests China Daily, the largest official English-language news portal in China, criticised 'some Western and HongKong media' for misleading the public in their coverage of the ongoing unrest.

Hong Kong 's wealthiest residents enjoy the greatest profits when the markets are bullish, but experience the steepest losses during At least, that is, for the stability of your net worth : In 2018 , Hong Kong 's high net worth population experienced the steepest drop in collective wealth of any

One in 10 ultra - wealthy Hong Kong residents lost their millionaire status in 2018 , and an expert says the extreme wealth loss highlights the Hong Kong 's wealthiest residents often enjoy the greatest profits when the markets are bullish, but experience the steepest losses during market routs

One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths Hong Kong's ultra-wealthy often have greater-than-average losses when the market is bad.

If you're a billionaire, Hong Kong is a risky place to call home.

At least, that is, for the stability of your net worth: In 2018, Hong Kong's high net worth population experienced the steepest drop in collective wealth of any region worldwide, according to French technology consulting firm Capgemini. The net worths of Hong Kong's wealthiest residents fell 13 percent in 2018, compared to the global average of 3 percent, according to Capgemini.

In the twenty-third edition of its annual World Wealth Report, Capgemini examines how high net worth individuals manage their wealth. Defined as those with more than $US1 million ($AU1.4 million), Capgemini found that 2018 was the first time high net worth individuals (HNWIs) around the world experienced the first overall decline in their wealth in seven years.

Hong Kong protesters and police face off in familiar cycle

Hong Kong protesters and police face off in familiar cycle On one end of a Hong Kong street, protesters dressed in black ducked behind umbrellas and makeshift barricades, occasionally throwing bricks or slinging rocks. On the other end, police decked out in riot gear shouted warnings and fired tear gas. How To Get A Home Loan With 5% Deposit Find out more on Finder Ad Finder.com.au As the late hours of Saturday stretched into the early hours of Sunday, neither side budged. Some residents of neighborhoods embroiled in the scuffles banded together with protesters in an effort to push riot police out and surrounded a police station.

Hong Kong 's ultra - wealthy are more volatile than the net worths of their counterparts in any other region in the world, according to Capgemini's 2019 World Hong Kong crippled by general strike over extradition bill crisis - Продолжительность: 1:28 South China Morning Post Recommended for you.

He has a net worth of .8 billion. Hong Kong 's "Superman" is joining the chorus of ultra - wealthy Hong Kong residents who have spoken out against the SEE ALSO: One in 10 ultra - wealthy Hong Kong residents lost their millionaire status in 2018 , and an expert says the extreme wealth loss

In Hong Kong, one in 10 residents who began 2018 as HNWIs could no longer be considered as such by the year's end. Such losses are not atypical for Hong Kong's wealthy residents, who Capgemini describes as "consistently sensitive to equity market movements." Hong Kong's wealthiest often enjoy the greatest profits when the markets are bullish, but experience the steepest losses during market routs, Capgemini's Deputy Head of the Global Financial Services Market Intelligence Strategic Analysis Group Chirag Thakral told Business Insider.

Thakral chalks the decline in Hong Kong's wealth up to two main factors.

"The key reason for this time I would say obviously, the market capitalisation was down around 12 percent and then the GDP growth was a decline rather than a growth, and then the real estate market is also cooling off in Hong Kong," Thakral said. "Those factors put together were the reasons which led to the overall Hong Kong equity market going down, which affected the Hong Kong billionaires - or the millionaires - this year."

Hong Kong protesters hold multiple rallies, paralyzing city neighbourhoods ahead of a planned general strike

Hong Kong protesters hold multiple rallies, paralyzing city neighbourhoods ahead of a planned general strike The demonstrations are in their ninth weekend and only show signs of intensifying ahead of a general strike that is likely to involve thousands.

A new report from Wealth - X analyzes the world's ultra wealthy population, which it defines as those having million or more in net worth , and where they live around the world. * Hong Kong is a semi-autonomous, special administrative region of China, Wealth - X says . 7. United Kingdom.

Stories in Wealth Report include: One in 10 ultra - wealthy Hong Kong residents lost their millionaire status in 2018 , and an expert says the extreme wealth loss highlights the volatility of their net worths | The Brexit impact on the pound is making rich

The losses weren't limited to Hong Kong, however. HNWIs across Asia at large performed worse than their counterparts in Europe, North America, and the Middle East in 2018, Capgemini reported. In 2018, the number of billionaires in each of what the research firm Wealth-X calls "the major Asia-Pacific billionaire countries" - China, India, Singapore, and Hong Kong - declined.

And last year was the worst year for Chinese stocks in a decade, ending the year 24 percent lower than it was at the close of 2017, according to CNBC. The budding trade war between the United States and China also decreased global demand for Asian goods, Wealth-X reported.

The only region in the world where the ultra-wealthy did not end 2018 worse off than they began it was the Middle East, Business Insider previously reported.

Pictures: Hong Kong protests

One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
One in 10 ultra-wealthy Hong Kong residents lost their millionaire status in 2018, and an expert says the extreme wealth loss highlights the volatility of their net worths
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The courage to back down in Hong Kong.
If the Trump administration is incapable of brokering some sort of temporary peace, it should at the very least avoid giving Xi any more rhetorical ammunition and making the situation worse. Finally, Congress should think through its actions and about the inevitable outcome of its own baiting of Beijing, working instead for the betterment of the people of Hong Kong, rather than virtue signaling and scoring political points at home. Otherwise, this will end badly, and the effects will be worse than we imagine.

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