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China's rich moving out of Hong Kong to seek asset safety elsewhere: Report

More than half of Hong Kong's estimated private wealth of over $1 trillion is from mainland individuals who have parked money there, according to bankers

Passengers arriving at the Hong Kong International Airport get checked for coronavirus flu. The virus outbreak is fanning fears of global isolation	Photo: Reuters
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Globally, Hong Kong ranked second in wealth per adult after Switzerland in mid-2019, and 10th in the number of people with more than $50 million in assets, according to a Credit Suisse report

Reuters New Delhi

Rich Chinese are expected to park fewer funds in Hong Kong on worries that Beijing's proposed national security law for the city could allow mainland authorities to track and seize their wealth, bankers and other industry sources said.

More than half of Hong Kong's estimated private wealth of over $1 trillion is from mainland individuals who have parked money there, according to bankers.

The city has benefited from its proximity to China and separate legal system, as well as its dollar-pegged currency, but there are now worries about it losing its edge as a global financial centre due to capital and talent