Nearly Half the Population of Hong Kong Lives in Public Housing

Hong Kong is often ranked among the wealthiest cities in the world. While it is true that it has one of the highest concentrations of billionaires and millionaires globally, the city also records one of the highest inequality rates in the world.

In fact, despite being one of the world’s premier financial and banking centers, Hong Kong reports a rather disappointingly low GDP per capita of USD 55,000. In comparison, New York City, London, and Singapore (Hong Kong’s main competitors as global financial centers) have a GDP per capita of USD +150,000, USD 93,000, and USD 90,000, respectively.

Hong Kong’s poor performance is largely due to the fact that a significant proportion of its residents are (very) poor. As of 2026, approximately 45% of the population lives in some form of government-subsidized housing.

Furthermore, in Hong Kong, a considerable number of skyscrapers are not shiny commercial buildings and offices, as one might expect, but rather bland public housing estates designed to accommodate hundreds of thousands of Hong Kong’s poorest residents.

Adding to this, there are between 220,000 and 240,000 people (about 3% of the population in 2026) living in subdivided flats or, worse, in bed space apartments—commonly known as cage homes or coffin homes.