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80% Of People In Hong Kong Want To Emigrate, Number Of Multi-Millionaires Plunges 15%: New Survey Finds

80% Of People In Hong Kong Want To Emigrate, Number Of Multi-Millionaires Plunges 15%: New Survey Finds

Authored by Joyce Liang via The Epoch…

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80% Of People In Hong Kong Want To Emigrate, Number Of Multi-Millionaires Plunges 15%: New Survey Finds

Authored by Joyce Liang via The Epoch Times,

Hong Kong saw a net outflow of 65,295 and 66,334 residents in February and March respectively, according to the city’s official immigration data. The trend will remain strong, as a new poll revealed that nearly 80 percent of Hong Kong residents surveyed were interested in emigrating.

In mid-March, Bartra interviewed nearly 500 Hong Kong residents aged 18 and above through an online questionnaire. According to the poll, 79 percent of the respondents indicated that they are considering emigration or will consider this in the future; 48 percent indicated that it was “possible in the future,” and 31 percent indicated that they were “considering” the move.

The top three reasons for the consideration were for a better living environment (51 percent), to seek better education for their children (29 percent), and to obtain multiple foreign residence status and nationality (27 percent).

In addition, more than 40 percent of the respondents prefer investment emigration because it is simpler and more direct.

Bartra regional director Jeffrey Ling said the company received about 500 immigration enquiries in the first quarter of this year. In the past, 80 percent of successful immigration cases were professionals with stable income; and many high-income families in Hong Kong had the intention of emigrating. He believes that with the slowdown of the epidemic in Hong Kong and the cancellation of entrepreneur visas in the United Kingdom, it is expected that the number of applications to immigrate to Ireland this year will increase.

Lin said that with the immigration policy of the UK looking uncertain, and its complicated tax system, he expected some of his Hong Kong customers to consider immigrating to Ireland instead of the UK or Taiwan.

Ireland’s investment immigration program only requires immigrants to stay in Ireland for one day a year to retain their right of residence, making it easier for investors to manage existing businesses with greater flexibility.

Citi Survey: Hong Kong Millionaires Plummet By 15 Percent

Meanwhile, on April 26, Citibank released its “Hong Kong Multi-millionaire Survey Report 2021.”

It is estimated that by the end of last year, there were 434,000 “millionaires” with net assets of HK$10 million or more in Hong Kong, accounting for about 7.4 percent of Hong Kong’s population, or 1 millionaire for every 13 people. However, compared with a similar survey from the same period in 2020, that number had decreased by 15 percent, or 81,000 people. The 2021 survey was conducted between October 2021 and January 2022, with 3,786 Hong Kong residents aged 21 to 79 randomly interviewed by telephone.

In Hong Kong, a “multimillionaire” is defined as a wealthy person with a total net worth of HK$10 million (approximately $1,274,300) or more, and liquid assets of at least HK$1 million (approximately $127,400). The median net worth of these multi-millionaires was HK$15.7 million (about $2 million), a slight increase of 1.3 percent from HK$15.5 million (about $1,975,200) in the same period in 2020. About 70 percent of their assets are properties and the rest are current assets.

The report shows that the median current assets increased from 3.5 million to 4 million. Most people’s liquid assets are nearly half in cash, nearly 30 percent in stocks, and more than 20 percent in funds and bonds.

More than 30 percent said their investment strategy had shifted to a more conservative approach because the epidemic; they tended to hold more cash, with reduced stock holdings, reduced new investments, with new invests in low-risk products.

After two years of the pandemic, more than 70 percent of people said that their total assets had returned to pre-epidemic levels, and nearly 25 percent of them said that their total assets had increased compared to before the epidemic.

Around 30 percent of the multi-millionaires said they expect slight economic growth this year, with 24 percent feeling optimistic about the property market in the next 12 months, and nearly 60 percent taking a wait-and-see attitude.

Hong Kong’s Ultra-Rich Once Surpassed New York

In fact, Hong Kong was once the city with the most ultra-rich in the world.

According to the “The World Ultra Wealth Report 2018” published by Wealth-X in September 2018, Hong Kong surpassed New York, with more than 10,000 people having assets of at least HK$235 million (about $30 million).

According to the report, in 2017, the number of ultra-rich people in Hong Kong increased by 31 percent to about 10,000 people; New York is the city with the largest population of ultra-rich people in the United States, with nearly 9,000 people; Tokyo ranks third. At that time, the total number of ultra-rich people in the world was about 256,000, with total assets of $31.5 trillion.

As of 2020, New York ranked in first place with 113 multi-millionaires, followed by Hong Kong and the technology hub San Francisco in the second and third places respectively. In 2021, New York was still on the list, but Hong Kong and San Francisco had dropped off.

In 2021, China’s richest people had their worst year since Bloomberg began recording the wealth of the world’s richest in 2012. Regulations by the Chinese authorities targeting large private companies, especially high-tech industries, resulted in the loss of nearly $61 billion in assets for China’s richest.

Tyler Durden Sun, 05/15/2022 - 16:30

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Economics

Expert on Bath & Body Works: ‘an easy double the next three years’

Bath & Body Works Inc (NYSE: BBWI) might have been painful for the shareholders this year, but the road ahead will likely be a rewarding one, says…

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Bath & Body Works Inc (NYSE: BBWI) might have been painful for the shareholders this year, but the road ahead will likely be a rewarding one, says the Senior Vice President and Portfolio Manager at Westwood Group.

BBWI separated from Victoria’s Secret

The retail chain separated from Victoria’s Secret in 2021, which, as per Lauren Hill, clears the way for a 100% increase in the stock price in the coming years. On CNBC’s “Closing Bell: Overtime”, she said:

[Bath & Body Works] has really strong pricing power. They have 85% of their supply chain in the United States and with the Victoria’s Secret brand now gone, I think it’s a wonderful buy; an easy double the next three years.

Last month, the Columbus-headquartered company reported results for its fiscal first quarter that topped Wall Street expectations.

Bath & Body Works is a reopening play

The stock currently trades at a PE multiple of 6.64. Hill is convinced Bath & Body works is a reopening name and will perform so much better as the world continues to pull out of the pandemic. She noted:

Customers have missed buying their scented products in store and as their social occasion calendars fill up, they are getting back out there and buying more gifts, including Bath & Body Works products.

Hill also dubbed BBWI a great pick amidst the ongoing inflationary pressures because of its reasonably priced products. Shares are down more than 50% versus the start of 2022.

The post Expert on Bath & Body Works: ‘an easy double the next three years’ appeared first on Invezz.

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Economics

Majority Of C-Suite Execs Thinking Of Quitting, 40% Overwhelmed At Work: Deloitte Survey

Majority Of C-Suite Execs Thinking Of Quitting, 40% Overwhelmed At Work: Deloitte Survey

Authored by Naveen Anthrapully via The Epoch Times,

A…

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Majority Of C-Suite Execs Thinking Of Quitting, 40% Overwhelmed At Work: Deloitte Survey

Authored by Naveen Anthrapully via The Epoch Times,

A majority of C-suite executives are considering leaving their jobs, according to a Deloitte survey of 2,100 employees and C-level executives from the United States, Canada, the UK, and Australia.

Almost 70 percent of executives admitted that they are seriously thinking of quitting their jobs for a better opportunity that supports their well-being, according to the survey report published on June 22. Over three-quarters of executives said that the COVID-19 pandemic had negatively affected their well-being.

Roughly one in three employees and C-suite executives admitted to constantly struggling with poor mental health and fatigue. While 41 percent of executives “always” or “often” felt stressed, 40 percent were overwhelmed, 36 percent were exhausted, 30 percent felt lonely, and 26 percent were depressed.

“Most employees (83 percent) and executives (74 percent) say they’re facing obstacles when it comes to achieving their well-being goals—and these are largely tied to their job,” the report says. “In fact, the top two hurdles that people cited were a heavy workload or stressful job (30 percent), and not having enough time because of long work hours (27 percent).”

While 70 percent of C-suite execs admitted to considering quitting, this number was at only 57 percent among other employees. The report speculated that a reason for such a wide gap might be the fact that top-level executives are often in a “stronger financial position,” due to which they can afford to seek new career opportunities.

Interestingly, while only 56 percent of employees think their company executives care about their well-being, a much higher 91 percent of C-suite administrators were of the opinion that their employees believe their leaders took care of them. The report called this a “notable gap.”

Resignation Rates

The Deloitte report comes amid a debate about resignation rates in the U.S. workforce. Over 4.4 million Americans quit their jobs in April, with job openings hitting 11.9 million, according to the U.S. Department of Labor. In the period from January 2021 to February 2022, almost 57 million Americans left their jobs.

Though some are terming it the “Great Resignation,” giving it a negative connotation, the implication is not entirely true since most of those who quit jobs did so for other opportunities. In the same 14 months, almost 89 million people were hired. There are almost two jobs open for every unemployed person in the United States, according to MarketWatch.

In an Economic Letter from the Federal Reserve Bank of San Francisco published in April, economics professor Bart Hobijn points out that high waves of resignations were common during rapid economic recoveries in the postwar period prior to 2000.

“The quits waves in manufacturing in 1948, 1951, 1953, 1966, 1969, and 1973 are of the same order of magnitude as the current wave,” he wrote. “All of these waves coincide with periods when payroll employment grew very fast, both in the manufacturing sector and the total nonfarm sector.”

Tyler Durden Sat, 06/25/2022 - 20:30

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Spread & Containment

Optimism Slowly Returns To The Tourism Sector

Optimism Slowly Returns To The Tourism Sector

Coming off the worst year in tourism history, 2021 wasn’t much of an improvement, as travel…

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Optimism Slowly Returns To The Tourism Sector

Coming off the worst year in tourism history, 2021 wasn't much of an improvement, as travel remained subdued in the face of the persistent threat posed by Covid-19.

According to the United Nations World Tourism Organization (UNWTO), export revenues from tourism (including passenger transport receipts) remained more than $1 trillion below pre-pandemic levels in 2021, marking the second trillion-dollar loss for the tourism industry in as many years.

As Statista's Felix Richter details below, while the brief rebound in the summer months of 2020 had fueled hopes of a quick recovery for the tourism sector, those hopes were dashed with each subsequent wave of the pandemic.

And despite a record-breaking global vaccine rollout, travel experts struggled to stay optimistic in 2021, as governments kept many restrictions in place in their effort to curb the spread of new, potentially more dangerous variants of the coronavirus.

Halfway through 2022, optimism has returned to the industry, however, as travel demand is ticking up in many regions.

You will find more infographics at Statista

According to UNWTO's latest Tourism Barometer, industry experts are now considerably more confident than they were at the beginning of the year, with 48 percent of expert panel participants expecting a full recovery of the tourism sector in 2023, up from just 32 percent in January. 44 percent of surveyed industry insiders still think it'll take until 2024 or longer for tourism to return to pre-pandemic levels, another notable improvement from 64 percent in January.

Tyler Durden Sat, 06/25/2022 - 21:00

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