Oxfam released a report today (Oct. 2) highlighting that the wealth gap in Hong Kong has further widened.
According to the report, the poverty rate in the first quarter of 2024 reached 20.2%, with the issue of elderly poverty being particularly pronounced.
Analyzing data from the Census and Statistics Department, Oxfam found that over 1.39 million people are living in poverty. Comparing the median monthly incomes of the poorest and wealthiest families, the median monthly income of the poorest families has dropped to about HK$1,600, while that of the wealthiest families exceeds HK$130,000.
The disparity between the rich and the poor, 34.3 times in 2019, drastically increased to 81.9 times in the first quarter of 2024. The number of poor elderly individuals aged 65 or above has exceeded 580,000, an increase of 42.9% since 2019, with households consisting of single or both elderly in poverty totaling 260,000.
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