Hong Kong high-rising inequality: Crazy rich luxury city has mega equality problems

Hong Kong has long been known for its glitzy skyrises, world-class cuisine and luxury shopping. But it’s just become very famous for something else, writes news.com.au

The city is now home to the biggest concentration of ultra-rich people in the world — those with $30 million or more — after recently overtaking New York City.

One in seven people in Hong Kong is a millionaire and about 93 billionaires live there.

It’s a metropolis geared towards wealth. Taxes are low, corporate tax is tiny and residents don’t pay GST.

This is a place where tiny, three-bedroom apartments sell for $10 million — Hong Kong is also the world’s least-affordable housing market.

He says Hong Kong’s housing affordability crisis can also be linked to the city’s low birth rates: When you’re still living with your parents as an adult, it’s hard to have a romantic life, much less a family of your own.

“For a young generation, we feel angry about it,” Mr Law says.

“We need to live and have a safe space … to live our lives but the Government is just focused on how to earn money with the maximum profit.”

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