Rich HKers become millionaires by 33: HSBC
A survey has found that affluent Hongkongers, on average, achieve millionaire status at the age of 33.  HSBC surveyed 1,098 people, aged between the age of 24 and 64 with a liquid asset of at least HK$1 million last month. It found that 61 percent of respondents attained their first one million dollars primarily though savings. After that, almost 40 percent of people would turn to other investment products or fixed assets to grow their wealth.  However, the bank’s head of investments and wealth solutions in wealth and personal banking, Sami Abouzahr, said fewer people are now investing in local real estate.  "Recent weakness in the real estate market has brought about scepticism on using property to preserve wealth. Only half of the respondents endorse the wealth protection power of property, down 23 percentage points from last year’s survey,” he noted.  “Meanwhile, as much as 57 percent of respondents expect a correction in the city’s home prices in the next 12 months. Three quarters also foresee no improvement or even a deterioration in the local economy for next year."