Hong Kong Slips in Global Talent Rankings Due to High Costs and Brain Drain

Hong Kong drops to 16th place in global talent ranking, lagging behind Singapore
High cost of living and brain drain taking a toll on Hong Kong
Hong Kong spends only 3.7% of GDP on education, ranked 50th for public expenditure
Talent readiness weakened by 2.43% contraction in labour force
New talent schemes launched to woo back workers after exodus during pandemic

scmp.com

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9/19/2023

Hong Kong's Wealth Gap Widens to Worst in Decade, Richest Households Earn Nearly 60 Times More Than Poorest

Hong Kong's wealth gap has widened to its worst in over a decade, with the poorest residents struggling to recover from the impact of the Covid-19 pandemic, according to a report by Oxfam. The wealthiest 10% of households earned 57.7 times more than the bottom 10%, up from 34.3 times in 2019, and 20% of the population was living below the poverty line. The report calls for an increase in the minimum wage and the creation of more flexible low-skilled jobs within public bodies to address the gap.

9/19/2023

Hong Kong loses world's freest economy title to Singapore after fall in rankings attributed to declining legal system

Hong Kong has lost its position as the world's freest economy to Singapore, according to a report by the Montreal-based Fraser Institute, which attributed the fall to erosion of impartiality in Hong Kong's legal system and judiciary.