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104-588: Taikoo Sugar Refinery is a sugar importer and former sugar refinery in Hong Kong . Taikoo Sugar Refinery was established by John Samuel Swire in June 1881 after a thorough investigation into the feasibility and openings for a new refinery in China . His determination to build the largest and most up-to-date plant was initially stimulated by a period of intense rivalry with Jardine, Matheson & Co. who already owned

208-548: A 99-year lease of the New Territories in 1898. Hong Kong was occupied by Japan from 1941 to 1945 during World War II . The territory was handed over from the United Kingdom to China in 1997. Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of one country, two systems . Originally a sparsely populated area of farming and fishing villages,

312-463: A proposed extradition amendment bill permitting the extradition of fugitives to mainland China. The protests are the largest in Hong Kong's history, with organisers claiming to have attracted more than three million Hong Kong residents. The Hong Kong regional government and Chinese central government responded to the protests with a number of administrative measures to quell dissent. In June 2020,

416-662: A 1,104-square-kilometre (426 sq mi) territory, Hong Kong is the fourth most densely populated region in the world. Hong Kong was established as a colony of the British Empire after the Qing dynasty ceded Hong Kong Island in 1841–1842 as a consequence of losing the First Opium War . The colony expanded to the Kowloon Peninsula in 1860 and was further extended when the United Kingdom obtained

520-755: A 1.5% increase of their total combined wealth to $ 27 trillion." The 2018 World Wealth Report was jointly produced by Capgemini and RBC Wealth Management and included, for the first time, the Global HNW Insights Survey produced in collaboration with Scorpio Partnership. The inaugural survey represented one of the largest and most in-depth surveys of HNWIs ever conducted, surveying more than 4,400 across 21 major wealth markets in North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa. The World Wealth Report has estimated

624-402: A 2021 thematic report by the Hong Kong government, after excluding foreign domestic helpers, the real number of non-Chinese ethnic minorities in the city was 301,344, or 4% of Hong Kong's population. About half the population have some form of British nationality , a legacy of colonial rule; 3.4 million residents have British National (Overseas) status, and 260,000 British citizens live in

728-524: A diverse ecosystem; over 3,000 species of vascular plants occur in the region (300 of which are native to Hong Kong), and thousands of insect, avian, and marine species. Hong Kong has a humid subtropical climate ( Köppen Cwa ), characteristic of southern China, despite being located south of the Tropic of Cancer , although closely bordering on a tropical climate . Summers are long, hot and humid, with occasional showers and thunderstorms and warm air from

832-845: A four-year term. Twenty are directly elected from geographical constituencies , thirty-five represent functional constituencies (FC), and forty are chosen by an election committee consisting of representatives appointed by the Chinese central government. Thirty FC councillors are selected from limited electorates representing sectors of the economy or special interest groups, and the remaining five members are nominated from sitting district council members and selected in region-wide double direct elections . All popularly elected members are chosen by proportional representation . The 30 limited electorate functional constituencies fill their seats using first-past-the-post or instant-runoff voting. Twenty-two political parties had representatives elected to

936-549: A household definition of UHNW, which places only those with more than $ 100 million liquid financial wealth into the UHNW-category, more than the usual $ 30 million, with which the ultra-category had been created in 2007. They control 5.5% of global financial wealth. 5,000 of them live in the US, followed by China, Britain and Germany. BCG expects the trend toward more concentrated wealth to continue unabated. While financial wealth of

1040-491: A neutral zone to safeguard its status as a free port. The colonial government prepared for a possible attack, evacuating all British women and children in 1940. The Imperial Japanese Army attacked Hong Kong on 8 December 1941 , the same morning as its attack on Pearl Harbor . Hong Kong was occupied by Japan for almost four years before the British resumed control on 30 August 1945. Its population rebounded quickly after

1144-425: A refinery. A site for the refinery was selected at Quarry Bay , Hong Kong and the capital for the venture was put up chiefly by John Samuel Swire himself, Holt's James Barrow, H J Butterfield, Messrs. Ismay and Imrie , W J Thompson and R N Dale. Taikoo Sugar Refinery at Quarry Bay began operations in 1884. John Swire & Sons were appointed Managers and Butterfield and Swire , Hong Kong, were responsible for

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1248-480: A report known as Form ADV. Form ADV requires each investment adviser to state how many of their clients are "high-net-worth individuals", among other details; its Glossary of Terms explains that a "high-net-worth individual" is a person who is either a "qualified client" under rule 205-3 of the Advisers Act (currently a person with at least $ 1,100,000 managed by the reporting investment adviser, or whose net worth

1352-409: A second language. Slightly over half the population (58.7%) speaks English , the other official language; 4.6% are native speakers, and 54.1% speak English as a second language. Code-switching , mixing English and Cantonese in informal conversation, is common among the bilingual population. Post-handover governments have promoted Mandarin , which is currently about as prevalent as English; 54.2% of

1456-531: A series of protests in 2014 which became known as the Umbrella Revolution. Discrepancies in the electoral registry and disqualification of elected legislators after the 2016 Legislative Council elections and enforcement of national law in the West Kowloon high-speed railway station raised further concerns about the region's autonomy. In June 2019, mass protests erupted in response to

1560-432: A severe amount of income inequality, which has risen since the handover, as the region's ageing population has gradually added to the number of nonworking people. Although median household income steadily increased during the decade to 2021, the wage gap remained high; the 90th percentile of earners receive 41% of all income. The city has the most billionaires per capita, with one billionaire per 109,657 people, as well as

1664-432: A very-high-net-worth individual (VHNWI), refers to someone with a net worth of at least US$ 5 million. An ultra-high-net-worth individual (UHNWI) holds at least US$ 30 million in investable assets ( adjusted for inflation ). In 2013, there were 211,275 UHNWIs in the world, with a total combined net worth of US$ 29.7 trillion. Billionaires are a special category of UHNWI, having net worth in excess of US$ 1 billion. According to

1768-430: Is 62 years old, and 89% of the world's billionaires are male. Approximately 68% of them have a bachelor's degree or higher levels of education. UHNWIs are notable players in the field of philanthropy; many have their own private foundations and support a variety of causes, from education to poverty relief. Financial institutions are known for their targeting of UHNWIs, having specific parts of their bank designed to manage

1872-431: Is a special administrative region of China , with executive, legislative, and judicial powers devolved from the national government . The Sino-British Joint Declaration provided for economic and administrative continuity through the handover, resulting in an executive-led governing system largely inherited from the territory's history as a British colony. Under these terms and the "one country, two systems" principle,

1976-441: Is female, and of these, only 33% are self-made, as opposed to 70% of male UHNW. According to the same 2013 report, twenty-two percent of self-made UHNW individuals have derived their wealth from finance, banking and investment. Almost 15% of individuals with inherited wealth are engaged in non-profit and social organisations. As of 2014, Asia's growth was expected to continue, and this change in demographics has significant impact on

2080-410: Is governed by a hybrid regime that is not fully representative of the population. Legislative Council members elected by functional constituencies composed of professional and special interest groups are accountable to these narrow corporate electorates and not the general public. This electoral arrangement has guaranteed a pro-Beijing camp majority in the legislature since the handover. Similarly,

2184-542: The Basic Law of Hong Kong for 50 years after the handover. It does not specify how Hong Kong will be governed after 2047, and the central government's role in determining the territory's future system of government is the subject of political debate and speculation. Hong Kong's political and judicial systems may be integrated with China's at that time, or the territory may continue to be administered separately. However, in response to large-scale protests in 2019 and 2020 ,

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2288-591: The Basic Law of Hong Kong is the regional constitution. The regional government is composed of three branches: The chief executive is the head of government and serves for a maximum of two five-year terms. The State Council (led by the Premier of China ) appoints the chief executive after nomination by the Election Committee , which is composed of 1500 business, community, and government leaders. The Legislative Council has 90 members, each serving

2392-604: The Chinese People's Political Consultative Conference appointed by the central government. Chinese national law does not generally apply in the region, and Hong Kong is treated as a separate jurisdiction. Its judicial system is based on common law , continuing the legal tradition established during British rule. Local courts may refer to precedents set in English law and overseas jurisprudence. However, mainland criminal procedure law applies to cases investigated by

2496-563: The Chinese central government 's adherence to the "one country, two systems" principle. After reversal of the last colonial era Legislative Council democratic reforms following the handover, the regional government unsuccessfully attempted to enact national security legislation pursuant to Article 23 of the Basic Law . The central government decision to implement nominee pre-screening before allowing chief executive elections triggered

2600-670: The Former Marine Police Headquarters was redeveloped into a commercial and retail complex, and Béthanie (built in 1875 as a sanatorium ) houses the Hong Kong Academy for Performing Arts . The Tin Hau Temple , dedicated to the sea goddess Mazu (originally built in 1012 and rebuilt in 1266), is the territory's oldest existing structure. The Ping Shan Heritage Trail has architectural examples of several imperial Chinese dynasties, including

2704-734: The Office for Safeguarding National Security of the CPG in the HKSAR . Interpretative and amending power over the Basic Law and jurisdiction over acts of state lie with the central authority, making regional courts ultimately subordinate to the mainland's socialist civil law system. Decisions made by the Standing Committee of the National People's Congress override any territorial judicial process. Furthermore, in circumstances where

2808-670: The Paleolithic period. The claim is based on an archaeological investigation in Wong Tei Tung , Sai Kung in 2003. The archaeological works revealed knapped stone tools from deposits that were dated using optical luminescence dating . During the Middle Neolithic period, about 6,000 years ago, the region had been widely occupied by humans. Neolithic to Bronze Age Hong Kong settlers were semi-coastal people. Early inhabitants are believed to be Austronesians in

2912-717: The People's Liberation Army is responsible for the region's defence. Although the Chairman of the Central Military Commission is supreme commander of the armed forces, the regional government may request assistance from the garrison. Hong Kong residents are not required to perform military service, and current law has no provision for local enlistment, so its defence is composed entirely of non-Hongkongers. The central government and Ministry of Foreign Affairs handle diplomatic matters, but Hong Kong retains

3016-595: The Safeguarding National Security Ordinance was passed by the Legislative Council to grant officials "even more powers to crack down on opposition to Beijing and the Hong Kong government" and includes penalties such as life imprisonment for political crimes such as treason and insurrection . Critics state that this expansion "will strike a lasting blow to the partial autonomy the city had been promised by China [in

3120-713: The Shanghai Street shophouses in Mong Kok . Mass-produced public-housing estates , built since the 1960s, are mainly constructed in modernist style . The Census and Statistics Department estimated Hong Kong's population at 7,413,070 in 2021. The overwhelming majority (91.6%) is Han Chinese , most of whom are Taishanese , Teochew , Hakka , and other Cantonese peoples . The remaining 8.4% are non-ethnic Chinese minorities, primarily Filipinos , Indonesians , and South Asians . However, most Filipinos and Indonesians in Hong Kong are short-term workers. According to

3224-502: The Sino-British Joint Declaration ]." Hong Kong's administrative divisions are divided into three levels: Areas (區域), Districts (地區), and Sub-districts (分區). Hong Kong is administratively divided into three areas: Hong Kong Island , Kowloon , and the New Territories . They are further divided into 18 districts. The area of Hong Kong Island has four districts, the area of Kowloon has five districts, and

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3328-457: The Standing Committee of the National People's Congress passed the controversial Hong Kong national security law . The law criminalises secession, subversion, terrorism and collusion with foreign elements and establishes the Office for Safeguarding National Security of the CPG in the HKSAR, an investigative office under Central People's Government authority immune from HKSAR jurisdiction. Some of

3432-615: The Tsui Sing Lau Pagoda (Hong Kong's only remaining pagoda). Tong lau , mixed-use tenement buildings constructed during the colonial era, blended southern Chinese architectural styles with European influences. These were especially prolific during the immediate post-war period, when many were rapidly built to house large numbers of Chinese migrants. Examples include Lui Seng Chun , the Blue House in Wan Chai , and

3536-566: The central government in Beijing in June 2020 resulted in the suspension of bilateral extradition treaties by the United Kingdom, Canada, Australia, New Zealand, Finland, and Ireland. The United States ended its preferential economic and trade treatment of Hong Kong in July 2020 because it was no longer able to distinguish Hong Kong as a separate entity from the People's Republic of China. In 2024,

3640-486: The second-highest number of billionaires of any city in the world, the highest number of billionaires of any city in Asia, and the largest concentration of ultra high-net-worth individuals of any city in the world. Despite government efforts to reduce the growing disparity, median income for the top 10% of earners is 57 times that of the bottom 10%. Ultra high-net-worth individual As of December 2023 , it

3744-730: The tallest buildings in Hong Kong and are among the tallest in the Asia-Pacific region. Other distinctive buildings lining the Hong Kong Island skyline include the HSBC Main Building , the anemometer -topped triangular Central Plaza , the circular Hopewell Centre , and the sharp-edged Bank of China Tower . Demand for new construction has contributed to frequent demolition of older buildings, freeing space for modern high-rises. However, many examples of European and Lingnan architecture are still found throughout

3848-421: The 2019 World Ultra Wealth Report published by Wealth-X: There are three different sources compiling these statistics for cities: the most recent data is from Altrata, which found that the four cities with the highest number of ultra-high net worth individuals, as of 2023, were New York City (16,630), Hong Kong (12,546), Los Angeles (8,955), and Tokyo (6,445). Below are previous rankings from Wealth-X and

3952-473: The Billionaire Census 2014, there were 2,325 billionaires in the world, with a combined net worth of US$ 7.3 trillion. In 2014, they represented just over 1% of the world's UHNW population and 24% of the world's UHNW total wealth. The June 27, 2017 "World Ultra Wealth Report" analysed the state of the world's ultra-high-net-worth (UHNW) population, or those with $ 30m or more in net worth. In 2017,

4056-521: The Japanese and production was halted until the plant was returned to John Swire & Sons in the autumn of 1945. Taikoo's sugar refining activity appears to have ceased around 1970 and the company is now a major sugar importer. The site of the refinery has redeveloped into Taikoo Place, a commercial building complex. Hong Kong Hong Kong is a special administrative region of China . With 7.4 million residents of various nationalities in

4160-598: The Knight Frank Wealth Report: The World Ultra Wealth Report 2013 was co-published by Wealth-X and UBS . The fifth edition of the report was published on June 27, 2017. Previous World Ultra Wealth Reports were published independently by Wealth-X, in 2011 and 2012 respectively: The Boston Consulting Group (BCG) 2014 Global Wealth Report shows that liquid wealth of the super-rich, referenced as Ultra-High-Net-Worth households, had increased by 20% in 2013. BCG uses

4264-406: The Legislative Council and the requirement that all candidates be vetted and approved by a Beijing-appointed Candidate Eligibility Review Committee . In May 2023, the Legislative Council also introduced legislation to reduce the number of directly elected seats in the district councils, and a District Council Eligibility Review Committee was similarly established to vet candidates. Hong Kong

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4368-548: The Legislative Council in the 2016 election . These parties have aligned themselves into three ideological groups: the pro-Beijing camp (the current government), the pro-democracy camp , and localist groups . The Chinese Communist Party does not have an official political presence in Hong Kong, and its members do not run in local elections. Hong Kong is represented in the National People's Congress by 36 deputies chosen through an electoral college and 203 delegates in

4472-562: The Legislative Council passed the National Anthem Ordinance , which criminalised "insults to the national anthem of China". The Chinese central government meanwhile enacted the Hong Kong national security law to help quell protests in the region. Nine months later, in March 2021, the Chinese central government introduced amendments to Hong Kong's electoral system , which included the reduction of directly elected seats in

4576-587: The Middle Neolithic period and later the Yue people. As hinted by the archaeological works in Sha Ha, Sai Kung, rice cultivation had been introduced since Late Neolithic period. Bronze Age Hong Kong featured coarse pottery, hard pottery, quartz and stone jewelry, as well as small bronze implements. The Qin dynasty incorporated the Hong Kong area into China for the first time in 214 BCE, after conquering

4680-503: The New Territories. Much of this is built on reclaimed land ; 70 km (27 sq mi) (6% of the total land or about 25% of developed space in the territory) is reclaimed from the sea. Undeveloped terrain is hilly to mountainous, with very little flat land, and consists mostly of grassland, woodland, shrubland, or farmland. About 40% of the remaining land area is country parks and nature reserves. The territory has

4784-478: The Philippines and Indonesia, have little protection under regional law. Although they live and work in Hong Kong, these workers are not treated as ordinary residents and do not have the right of abode in the territory. Sex trafficking is also an issue, local, mainland Chinese, and foreign women have been trafficked for sex in brothels , homes, and businesses in the city. The Joint Declaration guarantees

4888-538: The Standing Committee declares a state of emergency in Hong Kong, the State Council may enforce national law in the region. The territory's jurisdictional independence is most apparent in its immigration and taxation policies. The Immigration Department issues passports for permanent residents which differ from those of the mainland or Macau, and the region maintains a regulated border with

4992-606: The Yuan Dynasty. By the end of the Yuan dynasty , seven large families had settled in the region and owned most of the land. Settlers from nearby provinces migrated to Kowloon throughout the Ming dynasty . The earliest European visitor was Portuguese explorer Jorge Álvares , who arrived in 1513. Portuguese merchants established a trading post called Tamão in Hong Kong waters and began regular trade with southern China. Although

5096-747: The ability to maintain separate economic and cultural relations with foreign nations . The territory actively participates in the World Trade Organization , the Asia-Pacific Economic Cooperation forum, the International Olympic Committee , and many United Nations agencies. The regional government maintains trade offices in Greater China and other nations. The imposition of the Hong Kong national security law by

5200-586: The aforementioned acts were previously considered protected speech under Hong Kong law. The United Kingdom considers the law to be a serious violation of the Joint Declaration. In October 2020, the Hong Kong Police arrested seven pro- democracy politicians over tussles with pro-Beijing politicians in the Legislative Council in May. They were charged with contempt and interfering with members of

5304-635: The agreement. After more than a year of further hostilities, Hong Kong Island was formally ceded to the United Kingdom in the 1842 Treaty of Nanking . Administrative infrastructure was quickly built by early 1842, but piracy, disease, and hostile Qing policies initially prevented the government from attracting commerce. Conditions on the island improved during the Taiping Rebellion in the 1850s, when many Chinese refugees, including wealthy merchants, fled mainland turbulence and settled in

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5408-399: The area of the New Territories has nine districts. Each district is represented by a district council . The district councils advise the government on local issues such as public facility provisioning, community programme maintenance, cultural promotion, and environmental policy. As of 2024, there are a total of 470 district council seats, 88 of which are directly elected. In May 2023,

5512-1165: The chief executive is selected by establishment politicians and corporate members of the Election Committee rather than directly elected. Despite universal suffrage being established as ultimate goals for the election of the chief executive and all members of the Legislative Council in Articles 45 and 68 of the basic law, the legislature is only partially directly elected, and the executive continues to be nominated by an unrepresentative body. The government has been repeatedly petitioned to introduce direct elections for these positions, but has not introduced these direct elections as of 2024. Ethnic minorities (except those of European ancestry) have marginal representation in government and often experience discrimination in housing, education, and employment. Employment vacancies and public service appointments frequently have language requirements which minority job seekers do not meet, and language education resources remain inadequate for Chinese learners. Foreign domestic helpers , mostly women from

5616-635: The colony. Further tensions between the British and Qing over the opium trade escalated into the Second Opium War . The Qing were again defeated and forced to give up Kowloon Peninsula and Stonecutters Island in the Convention of Peking . By the end of this war, Hong Kong had evolved from a transient colonial outpost into a major entrepôt . Rapid economic improvement during the 1850s attracted foreign investment, as potential stakeholders became more confident in Hong Kong's future. The colony

5720-590: The council, while none of the pro-Beijing lawmakers were detained. Annual commemorations of the 1989 Tiananmen Square protests and massacre were also cancelled amidst fears of violating the national security law. In March 2021, the Chinese central government unilaterally changed Hong Kong's electoral system and established the Candidate Eligibility Review Committee , which would be tasked with screening and evaluating political candidates for their "patriotism", effectively crushing

5824-550: The definitions used in the financial and banking trade, the SEC's definition of HNWI includes the value of a person's verifiable non-financial assets, such as a primary residence or art collection. The World Wealth Report was co-published by Merrill Lynch and Capgemini , previously known as Cap Gemini Ernst & Young who worked together since 1993, investigating the "needs of high-net-worth individuals" to "successfully serve this market segment". Their first annual World Wealth Report

5928-404: The end of the New Territories lease approached, and Governor Murray MacLehose raised the question of Hong Kong's status with Deng Xiaoping in 1979. Diplomatic negotiations with China resulted in the 1984 Sino-British Joint Declaration , in which the United Kingdom agreed to the handover of the colony in 1997 and China would guarantee Hong Kong's economic and political systems for 50 years after

6032-572: The government proposed reforms to the District Council electoral system which further cut the number of directly elected seats from 452 to 88, and total seats from 479 to 470. A requirement that district council candidates be vetted and approved by the District Council Eligibility Review Committee was also proposed. The Legislative Council approved the reforms in July 2023. Hong Kong

6136-491: The greater loss, losing 24.6% in population and 23.9% in accumulated wealth. The report revised its 2007 projections that HNWI financial wealth would reach US$ 59.1 trillion by 2012 and revised this downward to a 2013 HNWI wealth valued at $ 48.5 trillion advancing at an annual rate of 8.1%. The "World Ultra Wealth Report", on UHNW populations—those with "$ 30m or more in net worth"—which was published on June 27, 2017, "this year revealed global growth of 3.5% to 226,450 individuals and

6240-418: The handover. The impending handover triggered a wave of mass emigration as residents feared an erosion of civil rights, the rule of law, and quality of life. Over half a million people left the territory during the peak migration period, from 1987 to 1996. The Legislative Council became a fully elected legislature for the first time in 1995 and extensively expanded its functions and organisations throughout

6344-732: The indigenous Baiyue . The region was consolidated under the Nanyue kingdom (a predecessor state of Vietnam ) after the Qin collapse and recaptured by China after the Han conquest . During the Mongol conquest of China in the 13th century, the Southern Song court was briefly located in modern-day Kowloon City (the Sung Wong Toi site) before its final defeat in the 1279 Battle of Yamen by

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6448-531: The investment adviser reasonably believes exceeds $ 2,200,000 without counting their primary residence) or who is a "qualified purchaser" as defined in section 2(a)(51)(A) of the Investment Company Act of 1940 ). The Dodd-Frank Wall Street Reform Act mandates that the definition of a qualified client be reviewed every five years and adjusted for inflation. For SEC purposes, a person's net worth may include assets held jointly with their spouse. Unlike

6552-401: The last years of the colonial rule. The handover of Hong Kong to China was at midnight on 1 July 1997, after 156 years of British rule. Immediately after the handover, Hong Kong was severely affected by several crises. The Hong Kong government was forced to use substantial foreign exchange reserves to maintain the Hong Kong dollar's currency peg during the 1997 Asian financial crisis , and

6656-425: The luxury industry's troubled year with China's luxury spenders, luxury industry experts continued to be optimistic for their long-term performance, especially from UHNWIs. According to Savills and Wealth-X, in 2014, UHNWIs are particularly relevant to the real estate sector, with the total UHNW population's real estate holdings accounting for over US$ 5 trillion by 2014, or 3% of the world's real estate holdings. This

6760-536: The maritime area is included) consists of Hong Kong Island , the Kowloon Peninsula , the New Territories , Lantau Island , and over 200 other islands. Of the total area, 1,073 km (414 sq mi) is land and 35 km (14 sq mi) is water. The territory's highest point is Tai Mo Shan , 957 metres (3,140 ft) above sea level. Urban development is concentrated on the Kowloon Peninsula, Hong Kong Island, and in new towns throughout

6864-613: The middle-class, purchases have trended towards intangible products such as education. In the United States, concierge medicine is an emerging trend as of 2017. Most global banks, such as Santander , Barclays , BNP Paribas , Citibank , Credit Suisse , Deutsche Bank , HSBC , JPMorgan Chase , and UBS , have a separate business unit with designated teams consisting of client advisors and product specialists exclusively for UHNWI. These clients are often considered to have characteristics similar to institutional investors because

6968-663: The north and occasionally result in chilly weather. Autumn is the sunniest season, whilst spring is generally cloudy. Snowfall has been extremely rare in Hong Kong; the last reported instance was on Tai Mo Shan in 1975. Hong Kong averages 1,709 hours of sunshine per year. Historic temperature extremes at the Hong Kong Observatory are 36.6 °C (97.9 °F) on 22 August 2017 and 0.0 °C (32.0 °F) on 18 January 1893. The highest and lowest recorded temperatures in all of Hong Kong are 39.0 °C (102 °F) at Wetland Park on 22 August 2017, and −6.0 °C (21.2 °F) at Tai Mo Shan on 24 January 2016 . Hong Kong has

7072-465: The number and combined investable wealth of high-net-worth individuals as follows (using the United States Consumer Price Index (CPI) Inflation Calculator): Certain products cater to the wealthy, whose conspicuous consumption of luxury goods and services includes, for example: mansions , yachts , first-class airline tickets and private jets , and personal umbrella insurance . As economic growth has made historically expensive items affordable for

7176-534: The number of UHNWIs globally grew 3.5% to 226,450. Their combined total wealth increased by 1.5% to $ 27 trillion. According to Credit Suisse, there were 264,200 UHNWIs with net worth above US$ 50 million at the end of 2021. According to The Knight Frank Wealth Report, HNWI can refer to someone with a net worth of at least US$ 1 million, while UHNWI can refer to someone with a net worth of at least US$ 30 million. The U.S. Securities and Exchange Commission requires all SEC-registered investment advisers to periodically file

7280-426: The opium trade. The commissioner destroyed opium stockpiles and halted all foreign trade, triggering a British military response and the First Opium War . The Qing surrendered early in the war and ceded Hong Kong Island in the Convention of Chuenpi . British forces began controlling Hong Kong shortly after the signing of the convention, from 26 January 1841. However, both countries were dissatisfied and did not ratify

7384-458: The overall management and, as General Agents, for the purchase of raw sugars and the selling and distribution of the finished products. China was always the chief market but Australia , Japan and India were also important at different times. The Taikoo Sugar Refinery (TSR) faced stiff competition from Jardine Matheson & Co. in its early years but, by the 1920s, the Japanese had become their greatest competitors. An up-country marketing system

7488-591: The population speak Mandarin, with 2.3% native speakers and 51.9% as a second language. Traditional Chinese characters are used in writing, rather than the simplified characters used in the mainland . Among the religious population, the traditional " three teachings " of China, Buddhism , Confucianism , and Taoism , have the most adherents (20%), followed by Christianity (12%) and Islam (4%). Followers of other religions, including Sikhism , Hinduism , and Judaism , generally originate from regions where their religion predominates. Life expectancy in Hong Kong

7592-440: The post-war decades to provide safer housing, integrity in the civil service, and more reliable transportation. Nevertheless, widespread public discontent resulted in multiple protests from the 1950s to 1980s, including pro- Republic of China and pro- Chinese Communist Party protests. In the 1967 Hong Kong riots , pro- PRC protestors clashed with the British colonial government. As many as 51 were killed and 802 were injured in

7696-476: The recovery from this was muted by an H5N1 avian-flu outbreak and a housing surplus. This was followed by the 2003 SARS epidemic , during which the territory experienced its most serious economic downturn. Chinese communists portrayed the return of Hong Kong as key moment in the PRC's rise to great power status. Political debates after the handover have centred around the region's democratic development and

7800-543: The region into a wasteland. The Kangxi Emperor lifted the maritime trade prohibition, allowing foreigners to enter Chinese ports in 1684. Qing authorities established the Canton System in 1757 to regulate trade more strictly, restricting non-Russian ships to the port of Canton . Although European demand for Chinese commodities like tea, silk, and porcelain was high, Chinese interest in European manufactured goods

7904-731: The remainder of the Pro-Democracy camp . Hong Kong is on China's southern coast, 60 km (37 mi) east of Macau, on the east side of the mouth of the Pearl River estuary . It is surrounded by the South China Sea on all sides except the north, which neighbours the Guangdong city of Shenzhen along the Sham Chun River . The territory's 1,110.18 km (428.64 sq mi) area (2,754.97 km if

8008-412: The rest of the country. All travellers between Hong Kong and China and Macau must pass through border controls, regardless of nationality. Mainland Chinese citizens do not have right of abode in Hong Kong and are subject to immigration controls. Public finances are handled separately from the national government; taxes levied in Hong Kong do not fund the central authority. The Hong Kong Garrison of

8112-491: The single word Hongkong until 1926, when the government officially adopted the two-word name. Some corporations founded during the early colonial era still keep this name, including Hongkong Land , Hongkong Electric Company , Hongkong and Shanghai Hotels and the Hongkong and Shanghai Banking Corporation (HSBC). Earliest known human traces in what is now Hong Kong are dated by some to 35,000 and 39,000 years ago during

8216-536: The source of the romanised name is unknown, it is generally believed to be an early phonetic rendering of the Cantonese (or Tanka Cantonese ) phrase hēung góng . The name translates as "fragrant harbour" or "incense harbour". "Fragrant" may refer to the sweet taste of the harbour's freshwater influx from the Pearl River or to the odour from incense factories lining the coast of northern Kowloon . The incense

8320-481: The southwest. The humid nature of Hong Kong exacerbates the warmth of summer. Typhoons occur most often then, sometimes resulting in floods or landslides. Also rarely occurring are waterspouts and tornadoes , which occurred at Hong Kong International Airport on 26 September 2020 and at Victoria Harbour on 28 September 2024. Winters are short, mild and usually sunny at the beginning, becoming cloudy towards February. Frequent cold fronts bring strong, cooling winds from

8424-417: The sub-millionaires is expected to increase by 3.7% annually until 2019, the expected growth rate for the super-rich is 9.1%. By 2013, 65% of the world's UHNW population was self-made, as opposed to 19% who had inherited their fortune and 16% who had inherited and grown their wealth. These proportions change dramatically by gender. In the 2013 report, it was revealed that only 12% of the world's UHNW population

8528-410: The territory is now one of the world's most significant financial centres and commercial ports. Hong Kong is the world's third-ranked global financial centre (behind New York City and London ), ninth-largest exporter, and eighth-largest importer. Its currency, the Hong Kong dollar , is the ninth most traded currency in the world. Home to the seventh-highest number of billionaires of any city in

8632-465: The territory. The vast majority also hold Chinese nationality , automatically granted to all ethnic Chinese residents at the handover. Headline population density exceeds 7,060 people/km , and is the fourth-highest in the world. The predominant language is Cantonese , a variety of Chinese originating in Guangdong. It is spoken by 93.7% of the population, 88.2% as a first language and 5.5% as

8736-584: The territory. Older government buildings are examples of colonial architecture. The 1846 Flagstaff House , the former residence of the Commander of the British forces in Hong Kong , is the oldest Western-style building in Hong Kong. Some buildings, such as the Court of Final Appeal Building and the Hong Kong Observatory retain their original functions, and others have been adapted and reused ;

8840-525: The traders were expelled after military clashes in the 1520s, Portuguese-Chinese trade relations were re-established by 1549 . Portugal acquired a permanent lease for Macau in 1887. After the Qing conquest , maritime trade was banned under the Haijin policies. From 1661 to 1683, the population of most of the area forming present day Hong Kong was cleared under the Great Clearance , turning

8944-401: The various organizations that target UHNW individuals, such as luxury companies, financial institutions, charities and universities. The following is a list of the countries with the most Ultra high-net-worth individuals (UHNWI) as of 2023 as per the 2024 Knight Frank's Wealth Report: The Billionaire Census is a co-publication of Wealth-X and UBS. In 2013 for example, the average net worth of

9048-404: The vast majority of their net worth and current income is derived from passive sources rather than labor . By 2006, asset managers working for HNW individuals invested more than £300 billion on behalf of their clients. These wealth managers are bankers who in 2006, earned multimillion-pound salaries and owned their own companies and equity funds. In 2006, a list of the 50 top investment bankers

9152-485: The violence, including dozens killed by the Royal Hong Kong Police via beatings and shootings. Although the territory's competitiveness in manufacturing gradually declined because of rising labour and property costs, it transitioned to a service-based economy. By the early 1990s, Hong Kong had established itself as a global financial centre and shipping hub. The colony faced an uncertain future as

9256-756: The war, as skilled Chinese migrants fled from the Chinese Civil War and more refugees crossed the border when the Chinese Communist Party took control of mainland China in 1949. Hong Kong became the first of the Four Asian Tiger economies to industrialise during the 1950s. With a rapidly increasing population, the colonial government attempted reforms to improve infrastructure and public services. The public-housing estate programme , Independent Commission Against Corruption , and Mass Transit Railway were all established during

9360-513: The wealth of their UHNW clients. In addition, research on the UHNW is particularly important with upcoming intergenerational wealth transfers in the UHNW population. For example, as of 2014, luxury companies typically target UHNW as a separate segment of their clientele. Daily Finance in 2014, projected that growth in Asia's UHNW population looked promising for the future of the luxury industry. The India's Economic Times said in 2014 that, despite

9464-465: The world and currently the only place in Asia to be in the top 5. The city has the highest life expectancy in the world , and a public transport usage exceeding 90 per cent. The name of the territory, first romanised as "He-Ong-Kong" in 1780, originally referred to a small inlet located between Aberdeen Island and the southern coast of Hong Kong Island. Aberdeen was an initial point of contact between British sailors and local fishermen. Although

9568-494: The world's largest number of skyscrapers , with 554 towers taller than 150 metres (490 ft), and the third-largest number of high-rise buildings in the world. The lack of available space restricted development to high-density residential tenements and commercial complexes packed closely together on buildable land. Single-family detached homes are uncommon and generally only found in outlying areas. The International Commerce Centre and Two International Finance Centre are

9672-428: The world's billionaire is US$ 3 billion, with a liquidity on average of 18% of net worth. 60% of the world's billionaires are self-made, 20% have inherited their fortune and 20% have both inherited and grown their wealth. 18% of the world's billionaires have derived their wealth from finance, banking and investment; as opposed to 9% from industrial conglomerates and 7% from the real estate industry. The average billionaire

9776-429: The world's population and hold 13% of the world's total wealth. In 2017, 226,450 people were designated as UHNWI, with their combined total wealth increasing to $ 27 trillion. High-net-worth individual (HNWI) refers to people who maintain assets at or above a certain threshold. Typically, they are defined as holding financial assets (excluding their primary residence ) with a value over US$ 1 million . A secondary level,

9880-454: The world, Hong Kong has the largest number of ultra high-net-worth individuals . Although the city has one of the highest per capita incomes in the world, severe income inequality exists among the population. Despite being the city with the most skyscrapers in the world , housing in Hong Kong is consistently in high demand . Hong Kong is a highly developed territory and has a Human Development Index (HDI) of 0.956, ranking fourth in

9984-470: The world. UHNW individuals "have, on average, eight cars and three or four homes. Three-quarters own a jet aircraft and most have a yacht." As of December 2022 , New York is the wealthiest city in the world with 340,000 HNWIs according to the World's Wealthiest Cities Report 2023 by Henley & Partners : The following list is a list of the cities with the most $ US millionaires as of December 2018 per

10088-420: Was 81.3 years for males and 87.2 years for females in 2022, one of the highest in the world. Cancer , pneumonia , heart disease , cerebrovascular disease , and accidents are the territory's five leading causes of death. The universal public healthcare system is funded by general-tax revenue, and treatment is highly subsidised; on average, 95% of healthcare costs are covered by the government. The city has

10192-553: Was established to counter this and to expand TSR markets in inland China, as well as efforts to widen the Far Eastern areas served by TSR. The 1920s was a period of constant difficulties - a strike in 1923, poor markets in 1924 and a three-month boycott in 1925. 1925, however, also saw the expansion of the Taikoo Sugar Refinery into the largest single unit refinery in the world. In December 1941 Hong Kong fell to

10296-447: Was estimated that there are just over 16 million HNWIs in the world, according to the World's Wealthiest Cities Report 2024 by Henley & Partners . The United States had the highest number of HNWIs (5.5 million) of any country, with California , Texas , New York , Florida , and Illinois domiciling the majority stateside. New York City is the wealthiest and most populous city, with 349,500 HNWIs. UHNWIs constitute only 0.003% of

10400-538: Was further expanded in 1898 when the United Kingdom obtained a 99-year lease of the New Territories. The University of Hong Kong was established in 1911 as the territory's first institution of higher education. Kai Tak Airport began operation in 1924, and the colony avoided a prolonged economic downturn after the 1925–26 Canton–Hong Kong strike . At the start of the Second Sino-Japanese War in 1937, Governor Geoffry Northcote declared Hong Kong

10504-531: Was insignificant, so that Chinese goods could only be bought with precious metals. To reduce the trade imbalance, the British sold large amounts of Indian opium to China. Faced with a drug crisis, Qing officials pursued ever more aggressive actions to halt the opium trade. In 1839, the Daoguang Emperor rejected proposals to legalise and tax opium and ordered imperial commissioner Lin Zexu to eradicate

10608-617: Was published by the Spear's Wealth Management Survey . Certain magazines, such as Monocle , Robb Report , and Worth , are designed for a high net worth audience. By 2012, according to Reuters , the UHNW individuals held $ 32 trillion in offshore havens, representing $ 280 billion in lost income tax revenues. Brands in various sectors, such as Bentley , Maybach , and Rolls-Royce actively target UHNWI and HNWI to sell their products. In 2006, Rolls-Royce researchers suggested there were 80,000 people in ultra-high-net-worth category around

10712-446: Was published in 1996. The World Wealth Report defines HNWIs as those who hold at least US$ 1 million in assets excluding primary residence and UHNWIs as those who hold at least US$ 30 million in assets excluding primary residence. The report states that in 2008 there were 8.6 million HNWIs worldwide, a decline of 14.9% from 2007. The total HNWI wealth worldwide totaled US$ 32.8 trillion, a 19.5% decrease from 2007. The UHNWIs experienced

10816-411: Was stored near Aberdeen Harbour for export before Victoria Harbour was developed. Sir John Davis (the second colonial governor) offered an alternative origin; Davis said that the name derived from "Hoong-keang" ("red torrent"), reflecting the colour of soil over which a waterfall on the island flowed. The simplified name Hong Kong was frequently used by 1810. The name was also commonly written as

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