Real estate ranks last among Hong Kong affluents’ life goals

A recent report by Standard Chartered reveals that real estate has fallen to seventh place on the list of life goals for affluent Hong Kong residents, with only 24% selecting it. In-depth travel ranked second, chosen by 48% of the wealthy population. Early retirement came in first, with 49% of respondents prioritizing it. Holistic wellness came in third at 47%. The survey was conducted in June and included 1,058 affluent Hong Kong residents aged 30 or older with investible assets of at least HKD1 million.

For 72% of high-net-worth individuals with investible assets of HKD7.8 million or more, travel was seen as a means to build intangible capital, broaden perspectives, and maintain long-term well-being. Among affluent parents, 92% viewed overseas travel as the most valuable component of their child's educational investment, ahead of tutoring and extracurricular classes.

Real estate has been a crucial asset in Hong Kong, where the real estate sector accounted for over 30% of the city's GDP from 2000 to 2003. However, its importance has declined in recent years, representing about 21% of GDP in 2021. Despite this, HNWIs plan to allocate HKD345,000 on average for travel this year, compared to HKD153,000 among all respondents.

This figure is lower than the HKD870,000 spent on travel in the 2024 survey, reflecting a shift in priorities during the post-pandemic period. Two-thirds of HNWIs reported spending more on travel than on daily living expenses like dining, entertainment, and lifestyle consumption.