Income inequality in Hong Kong has become a pressing issue, as revealed by a recent study conducted by Oxfam’s local office. The study found that 619,000 households in Hong Kong are living below the poverty line, with the city’s wealthiest individuals earning 81 times more than the poorest. This disparity is staggering and highlights the urgent need to address income inequality in the city.
According to Oxfam’s latest poverty report, more than 1.39 million people in Hong Kong were living in poverty in the first quarter of 2024, resulting in a poverty rate of 20.2%. While the poverty rate among Hongkongers in the labor force has decreased, the poverty rate among those who are not economically active has increased significantly, reaching 33.1%.
The study also revealed that the number of poor households in the city has risen to 619,000, making up 22.7% of all households. The income gap between the richest and poorest households is substantial, with the median monthly income of the wealthiest 10% standing at HK$131,000, while the poorest 10% earn only HK$1,600 per month.
Of particular concern is the increasing number of elderly individuals living in poverty, with over 580,000 residents aged 65 or above struggling to make ends meet. Oxfam emphasized the need to support single or double elderly households by mobilizing community resources and providing relevant government support services.
Chief Executive John Lee is expected to address these issues in his upcoming policy speech, with a focus on directing resources to those most in need. Oxfam has called on the government to review the poverty line and implement measures to encourage labor market participation among the elderly population.
In order to combat income inequality and support elderly employment, Oxfam has proposed various initiatives, such as providing incentives for elders to work part-time and expanding support services for elderly individuals and caregivers across all districts in Hong Kong. By creating a database to integrate data from various government departments, Oxfam aims to better understand the needs of single and double elderly households in the city.
Overall, addressing income inequality in Hong Kong requires a multi-faceted approach that involves policy changes, community engagement, and support for vulnerable populations. By implementing targeted initiatives and fostering an environment that promotes active aging, Hong Kong can work towards a more equitable society for all its residents.
