Hong Kong's Wealth Gap Widens to a Decade High... Poor Population Reaches 20% of Total

Hong Kong's wealth gap has reached its largest in over a decade. It was found that the impoverished population in Hong Kong accounts for 20% of the total population.

[Image source=Yonhap News]

According to Hong Kong Free Press (HKFP) on the 20th, the international relief organization Oxfam stated in its first-quarter poverty report that the impoverished population in Hong Kong amounts to 1.36 million, or 20% of the total population.

The income of the top 10% wealthiest households in Hong Kong was found to be 57.7 times greater than that of the bottom 10%. This gap has widened compared to 34.3 times in 2019. It is the largest since Oxfam began related investigations in 2010.

The median income of the top 10% households in Hong Kong was HKD 132,600 per month (approximately 22.51 million KRW), a 10% increase from 2019. In contrast, the median income of the bottom 10% was HKD 2,300 per month (approximately 390,000 KRW), which decreased by one-third compared to 2019.

Oxfam pointed out, "While the rich earned more, the poor suffered more and did not benefit from the reopening (resumption of economic activities)."