Hong Kong secures 7th place in world competitiveness, welcomes 108,000 professionals under talent scheme

26th March 2024 – (Hong Kong) Hong Kong has clinched the seventh position in the World Competitiveness Yearbook 2023, which evaluates 64 economies worldwide, marking a significant triumph for the Asian financial hub.

The latest rankings, released by the World Competitiveness Yearbook, indicate a vibrant influx of corporate activity within the territory. Hong Kong has successfully attracted nearly 50 major enterprises with an infusion of HK$40 billion in capital, resulting in the creation of 13,000 job opportunities. Notably, the number of family offices in Hong Kong has doubled compared to Singapore.

The local government has been proactive in its talent acquisition strategies. A substantial number of professionals, amounting to 108,000, have migrated to the city, contributing to a total population increase of over 200,000, half of which are beneficiaries of the talent schemes. This demographic shift is poised to play a pivotal role in bolstering the internal economy, with an anticipated 50 million visits to Hong Kong this year, thereby providing a substantial boost to the economic landscape.

In other developments, Hong Kong expects to welcome nearly 10,000 tourists from four cruise ships docking on the 27th and 28th of March. The Tourism Board has curated itineraries for groups from South Korea as part of an ongoing initiative to galvanise the tourism sector. This week marks a financial jubilee with a series of events celebrating the city’s fiscal industry, alongside cultural expositions such as Art Central, Art Basel, and local exhibitions. These events contribute to the vibrant atmosphere throughout Hong Kong’s 18 districts.