More than half of Hong Kong’s rich plans to work past retirement age
Some 58% of affluent people in Hong Kong plan to work beyond the traditional retirement age of earlier generations, a new survey found.
A significant proportion of Hong Kong's affluent are planning to work well beyond the traditional retirement age, according to research conducted by Manulife and FT Longitude. The study surveyed 1,000 high-net-worth and mass-affluent individuals across 11 Asia-Pacific and Middle Eastern locations, with 250 respondents hailing from Hong Kong.
The figure of 66% planning to adjust their portfolios for a more flexible lifestyle is notably higher in Hong Kong compared to other markets such as mainland China (27%), Singapore (27%), and Japan (37%).
Wilton Kee, CEO of Manulife Hong Kong and Macau, notes that many affluent individuals are no longer adhering to a single, fixed retirement plan. Instead, they are embracing a multi-phase lifestyle that balances work, family responsibilities, and personal aspirations. However, these wealth plans may not have kept pace with this evolving perspective, as their overall financial strategies remain fragmented and short-term-focused.
The research also highlights that Hong Kong's affluent are particularly unprepared for major health-related financial shocks, with only 18% having a fully integrated wealth plan covering investments, taxes, and succession. Furthermore, 41% of respondents expressed a lack of confidence in their next generation's ability to manage family wealth effectively, the highest proportion among all surveyed markets.
Despite this, 53% have yet to involve their heirs in wealth planning discussions. These findings coincide with Hong Kong's aging population, where people aged 65 and above accounted for 22% of the city's 7.5 million residents in 2024, a figure projected to rise to 31% by 2036.
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