Hong Kong’s wealth gap continues to widen as the richest households now earn 80 times more than the poorest, a figure that has more than doubled in the past five years. This stark inequality comes as the city grapples with an ageing population and struggles with high living costs, consistently ranking as one of the most expensive cities in the world.
Oxfam’s latest report highlighted the growing number of elderly poor in Hong Kong, with 580,000 people living in poverty among a population of 7.5 million. The wealth gap post-pandemic has also widened, with the top 10% earning nearly 82 times more than the bottom 10%. This represents a staggering increase from just five years ago when the ratio was 34.3 times.
Oxfam Hong Kong’s director, Kalina Tsang, emphasized the urgent need for policies to address the rising poverty rates, especially among retirees and women. The government has vowed to implement targeted poverty alleviation measures following calls from Chinese President Xi Jinping to tackle socioeconomic issues in the city.
As Hong Kong reevaluates its approach to measuring poverty levels, it is crucial to prioritize the well-being of vulnerable populations and ensure inclusive economic growth for all residents.
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