The booming economy of Hong Kong is attracting increasing numbers of British expats who are turning their backs on more traditional destinations, says international financial advisers Guardian Wealth Management (GWM).
As well as a thriving economy, Hong Kong offers a rich and vibrant culture and a low tax regime, making it an increasingly attractive destination for British expats, according to GWM Chief Executive, David Howell who describes Hong Kong as "Hong "very much the jewel of the Asian crown."
Having recently opened an office in Hong Kong, GWM has announced it plans to extend further across Asia with new operations based in Malaysia, Singapore and mainland China. “While the markets in the West continue to struggle under the economic malaise, Asia’s growth has soared and this is undeniably exciting for British expats.”
GWM, and other financial companies setting up new bases in this part of the world, have been encouraged by recent expatriate financial surveys. NatWest International Personal Banking’s Quality of Life Index reports that economic prospects and higher salaries have contributed to an 18% increase in the number of expats working in China and Singapore. The bank confirms, “Expats living in China, the UAE, Hong Kong and Singapore say their financial position has ‘improved dramatically’ since moving to the country.”
Skandia International’s survey reveals the financial outlook of millionaires living in Hong Kong as well as other hot locations such as Singapore and Dubai. Their research shows that Hong Kong appears to be the place for today’s entrepreneurs to "make a fast buck - with two thirds of the wealthy entrepreneurs there made their money within five years. By contrast, just one in 10 did so in Italy.”
In terms of concerns, Skandia International's research found that a stock market crash is one of the largest concerns in Hong Kong and Singapore. As for attitude to risk, the wealthy in Hong Kong reveal themselves to be reasonably risk tolerant.
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