Editorial | Incentives can help keep Hong Kong poverty at bay
If city is to bridge a growing gap between rich and poor, more effective measures are needed
Being one of Asia’s most affluent cities makes Hong Kong an enviable land of opportunity. But there is also a darker side to the glittering city, as reflected in the hardship of low-income workers and elderly citizens.
The divide between rich and poor continues to grow, and more effective measures are required if it is to be bridged.
Credit must go to Hong Kong Oxfam for tracking the state of poverty over the years. Following last year’s report, which showed the post-pandemic wealth gap to be at its worst in a decade, the situation has apparently been further aggravated by the slower than expected economic recovery and an ageing population.
There is every reason to be concerned when wage figures in the first quarter of 2024 show the richest were earning nearly 82 times more than the poorest, up from 52.7 times last year and 34.3 times in 2019. The median monthly income of the poorest 10 per cent of households also stood at HK$1,600, compared to the top 10 per cent earning HK$131,100 a month.
With more than 1.39 million people defined as living in poverty in the first three months of 2024, the need for government support has never been higher. The rate has spiralled to 20.2 per cent from 19.5 per cent last year and 18.3 per cent in 2019.
