Free to Read: Hong Kong’s Talent Attraction Programs Helps Population Grow
Tens of thousands of professionals, many from the mainland, seek a future in Hong Kong
Hong Kong’s population is estimated at 7,531,800 as of the end of June, up about 0.1% from the end of 2023
Hong Kong’s population has increased slightly over the past six months as various programs aimed at attracting overseas talent have brought tens of thousands of professionals and their families to the city, most of whom are from the mainland.
According to Hong Kong’s Census and Statistics Department, population is estimated at 7,531,800 as of the end of June, up about 0.1% from the end of 2023.
Hong Kong, struggling with an aging society, recorded an estimated 34,400 births between mid-2013 and mid-2014, while deaths totaled 52,400, government data show. Meanwhile, the city reported a net inflow of 13,800 people during the period.
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Programs to attract overseas talents lured 40,000 professionals to Hong Kong in the first half of the year, in addition to 43,000 of their dependents. The most popular program is the Top Talent Pass Scheme (TTPS) launched last year, which brought 46,800 newcomers to the city in that period.
The TTPS program, announced by Chief Executive John Lee in his maiden policy address in October 2022, is part of a package of policies designed to attract skilled people. The city’s workforce had gone down by about 140,000 over the previous two years, Lee said in his address.
Under the program, individuals with an annual income of HK$2.5 million ($320,000) or more and qualified graduates from the world’s top 100 universities can apply for a visa to live and work in Hong Kong. They can also apply to bring their spouse or “unmarried dependent children under 18,” according to the scheme. After obtaining visas, the children can enjoy the same schooling as locals.
Hong Kong has been trying to kickstart its economy and restore its image as a financial and business hub, tarnished by strict Covid policies and an exodus of talent. The government aims through its talent admission programs to admit at least 35,000 talented individuals a year from 2023 to 2025, who would be expected to stay for at least 12 months. That would be an increase of 40% over the average number in 2020 and 2021, according to the policy address.
The latest data indicate that 20% of those newly moved to Hong Kong remain unemployed. A July survey of 597 people found that 21.6% were “temporarily unemployed” with no income. About 32.3% of the families earn an average monthly income of HK$50,000 ($6,415) or less, while 35.6% earn up to HK$100,000.
Jesse Shang Hailong, chairman of the Hong Kong Top Talent Services Association, acknowledged that temporary unemployment is normal for some new arrivals. However, he urged the government to evaluate their situation, help them connect with employers and offer more support for those looking to start their own businesses.