Like Tree14Likes
  • 1 Post By Open Casket
  • 4 Post By kimwy66
  • 2 Post By Mat
  • 2 Post By Char Siu King
  • 2 Post By East_coast

10 wealthiest Hong Kongers

Closed Thread
  1. #1

    Join Date
    May 2015
    Posts
    3,015

    10 wealthiest Hong Kongers

    ...worth 35% of GDP. Any wonder so many live in tiny cages? Shouldn't taxes be raised more on those who can afford to pay more, in order to help the less fortunate lead a more dignified life?

    Hong Kong’s Top 10 Billionaires Worth 35% of City’s GDP: Chart - Bloomberg

    Mrs. Jones likes this.

  2. #2

    Join Date
    Aug 2008
    Location
    猴山
    Posts
    23,652
    Quote Originally Posted by Open Casket:
    Shouldn't taxes be raised more on those who can afford to pay more, in order to help the less fortunate lead a more dignified life?
    No.

    Taxes should be levied primarily to ensure everyone has the same opportunity.

    The current tax regime is very regressive with the people with wealth avoiding much of it allowing them to accumulate more wealth creating an ever increasing circle of income disparity.

    The tax code needs changing to be fairer and policies of economic segregation should be abolished.

  3. #3

    Join Date
    May 2015
    Posts
    3,015
    Quote Originally Posted by East_coast:
    No.

    Taxes should be levied primarily to ensure everyone has the same opportunity.

    The current tax regime is very regressive with the people with wealth avoiding much of it allowing them to accumulate more wealth creating an ever increasing circle of income disparity.

    The tax code needs changing to be fairer and policies of economic segregation should be abolished.
    ok, so we agree. a more fair system would be nice

  4. #4

    Join Date
    Dec 2002
    Location
    薄扶林
    Posts
    47,964

    You remember the post where I had said something similar, quoting Bernie, about the US economy?

    I am frankly surprised that the number is not higher in HK, given the various coefficients that measure wealth disparity.


  5. #5

    Join Date
    Oct 2015
    Posts
    1,262

    There do seem to be a lot of 'well-off' people here...

    I would be interested to see how many 'millionaires' in USD there are compared to the rest of the world and how the ratio of working poor compares internationally.


    This:

    The top 10 billionaires in Hong Kong have a combined net worth equivalent to 35 percent of the city's economy, compared with ratios of 5.2 percent in India and 1.4 percent in China,
    by itself doesn't mean a lot to me.

    I can see obvious poverty but Hong Kong is also a place where it's relatively easy to make money...I'm sure other members would agree with that!

  6. #6

    Join Date
    Dec 2010
    Location
    Wrong side of the door to hell
    Posts
    6,079

    Helping those in society who need it "is not the Hong Kong spirit".

    Members of Hong Kong’s business sector have expressed objections to any retirement protection scheme that means money coming out of their coffers.
    At a forum on Tuesday held by the Hong Kong Chamber of Commerce, Stephen Ng Tin-hoi, chairman of Wharf Holdings and the chamber told Chief Secretary Carrie Lam Cheng Yuet-ngor: “Welfare which everyone can get is not the Hong Kong spirit.”
    A universal pension is ‘not the Hong Kong spirit’, retirement forum told | South China Morning Post

  7. #7

    Join Date
    Aug 2008
    Location
    猴山
    Posts
    23,652
    Quote Originally Posted by Open Casket:
    ok, so we agree. a more fair system would be nice
    I suspect we do not agree on the details of what 'fair' looks like but yes a fairer tax take system is needed

  8. #8

    Join Date
    Aug 2008
    Location
    猴山
    Posts
    23,652
    Quote Originally Posted by kimwy66:
    Dipping into a person's pension fund to pay them redundancy is an appalling abuse of power granted to business by the state.
    chuckster007 and kimwy66 like this.

  9. #9

    Join Date
    Jun 2004
    Location
    HK
    Posts
    14,624
    Quote Originally Posted by Lord Dashwood:
    There do seem to be a lot of 'well-off' people here...

    I would be interested to see how many 'millionaires' in USD there are compared to the rest of the world and how the ratio of working poor compares internationally.


    This:

    by itself doesn't mean a lot to me.

    I can see obvious poverty but Hong Kong is also a place where it's relatively easy to make money...I'm sure other members would agree with that!
    HK has one of the highest GINI index in the world so your answer is there.

    To be fair tho, being a millionnaire in USD (ie having 7.8M HKD inc of property etc) is not much in HK given there is no (proper) retirement, no pension, no nothing.

    Plenty of french have barely 100K Euro in their bank account when they retire, but the state retirement provide for them. Here if you don't have...well you push a card till you die.

  10. #10
    Quote Originally Posted by Open Casket:
    Shouldn't taxes be raised more on those who can afford to pay more, in order to help the less fortunate lead a more dignified life?

    Hong Kong’s Top 10 Billionaires Worth 35% of City’s GDP: Chart - Bloomberg
    No.The government makes most of it's revenue from land sales, not income tax.

    HK has a massive budget surplus already.

    The money to help the 1.2 million working poor of HK is there already, but the government CHOOSES not to distribute the wealth back to the people. It's truly fascinating the people of this city keep on taking the injustice year after year. Even the failed umbrella movement was quite feeble and weak in hindsight.
    Mat and kimwy66 like this.