One in 14 Hongkongers is a multimillionaire, according to an annual survey conducted by Citibank.

It interviewed 1,700 residents, aged between 21 and 79, earlier this year and between October and December last year.

It found that as of June, an estimated 408,000 people have assets of HK$10 million or more.

But the bank said the number has been falling every year since 2020, when the number of multimillionaires in the SAR reached its peak of 515,000.

“The slight drop in the number of multimillionaires is very much due to the market situation. The Hong Kong property market has dropped by 6 percent since 2020 and the Hang Seng Index has dropped by 31 percent,” its head of retail bank, Josephine Lee, said.

Lee pointed out that there's been a change in investment behaviour among the multimillionaires, saying most of them now tend to invest more in stocks and funds, and hold less cash.

“The multimillionaires are foreseeing the potential rate cut cycle and are positioning their allocation into mutual funds and fixed income to lock in yield from the US Treasury or the investment grade bond," she said.

"They also put in more investment into the US stock market, especially in the US big-cap through the mutual funds to benefit from the potential rate cut cycle in 2024.”