A recent Bloomberg Intelligence report reveals that Hong Kong finance and tech professionals enjoy higher salaries than their counterparts in Singapore.
The report shows that investment banking analysts in Hong Kong earn 46 percent more, with average annual salaries reaching US$92,149 (HKD$720,659) compared to US$63,305 (HKD$495,082) in Singapore.
This salary disparity extends beyond analysts. According to data from recruiting firm Michael Page, associates in Hong Kong earn an average of US$123,000 (HK$961,932) annually, 36 percent more than those in Singapore.
Executive directors at investment banks in Hong Kong enjoy a 13 percent higher salary. The wealth-management sector also sees higher earnings in Hong Kong, where relationship managers earn 13 percent more than in Singapore, with nearly US$128,000 (HK$ 1 million) in annual earnings.
The report suggests Hong Kong’s higher finance and tech salaries partially result from a talent shortage.
Despite Singapore’s faster economic growth and increasing attraction of regional headquarters and family offices, Hong Kong’s competitive salary levels offer an edge in the rivalry between the two cities.
This comes as Hong Kong faces challenges, including capital and talent outflows and the impact of Beijing’s tightening control.
The report also notes differences in income tax rates between the cities, affecting the net income of middle-income workers.
Featured image credit: Edited from Freepik
