By South China Morning Post | Created at 2024-09-23 10:53:58 | Updated at 2024-09-30 09:38:04
1 week ago
According to the HSBC Premier 2024 Affluent Survey, released on Monday, a dream portfolio includes a self-owned, mortgage-free home valued at an average of about HK$9 million; a reserve of about HK$1.1 million for medical costs; and HK$1.4 million to support children.
The ideal portfolio also needs to possess savings or investments valued at HK$7.5 million to HK$13 million from deposits, stocks or real estate investments to generate a regular monthly income of HK$27,000, the HSBC survey showed. Lower rates will hurt people who rely on bank deposits to generate the monthly income, based on a calculation made by the Post.
“Our survey also reveals significant retirement expenses for affluent families, highlighting the importance of starting retirement planning early to maximise long-term growth potential,” said Brian Hui, the head of customer proposition and marketing for wealth and personal banking at HSBC Hong Kong.
The survey, conducted in August, asked 1,057 people with at least HK$1 million in liquid assets about their retirement planning.
