Category: News Briefs

The products you buy at a premium are really a purchase of the marketing story behind them—of face value. The prestige that merchants package for you helps you deceive those you wish to impress. And the salaries of the merchants' employees are higher than others'; the extra amount is compensation for their emotional distress in aiding the deception.

Yet no one pays for unnecessary luxury. Everyone wants a 60-point product; every extra dollar you invest is a dollar you lose.

A survey of 2,600 Hong Kong residents found that multimillionaires (in local currency) are 55 years old on average, with a median net asset value of HK$20.5 million and a median liquid asset value of HK$10 million. This group accumulated their first HK$1 million by an average age of 34, primarily through investing in stocks and funds, and purchased their first home at an average age of 33.

Source

Hong Kong's Rush for Mainland Elites: A Mismatched Pursuit | Deep Kr