The widening wealth gap in Hong Kong has reached an extreme level compared to other developed regions in the world, according to a report published by Oxfam this week.
The figures show that income inequality increased in 2015 with the top 10 percent earning a median monthly income of HK$100,000, 29 times more than that of the poorest 10 percent of people in Hong Kong, who earn just HK$3,500 or less a month.
The data, collected from the Census and Statistics Departments’ General Household Survey, also revealed that the number of poor families in the territory has increased by 6% since 2011, with a total of 1.15 million people living in poverty.
Oxfam has urged the government to make progressive policy changes, such as renewing the minimum wage annually and abolishing the Mandatory Provident Fund offsetting scheme, to try and tackle the problem.
Head of Oxfam’s Hong Kong, Macau and Taiwan Programme, Kalina Tsang, said that she hopes the report will encourage the government, legislative council and business sectors to initiate more pro-poor policies to tackle the situation.