Mon, Sep 30, 2013 - Page 15 News List

HK’s first poverty index puts 1.3m people in need

Bloomberg

Hong Kong’s wealth inequality may increase as the population ages. The proportion of people aged 65 and older reached 14 percent last year and is expected to reach 30 percent by 2041, Hong Kong Financial Secretary John Tsang (曾俊華) said in February.

The territory’s wealth gap is wider than in Singapore, Australia and the UK, but its unemployment rate for the three months through last month was just 3.3 percent.

Hong Kong’s poverty is not caused by economic woes, but “is due to misuse of the city’s prosperity and policies, which favor businesses and the rich, but are terrible for the poor,” Leo Goodstadt, a former head of the government’s advisory think tank, was quoted as saying by the South China Morning Post on Saturday.

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