Hong Kong Mass Migration Wave: Irreversible Effect on Hong Kong’s Economy, Unemployment and Population Rate

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In recent years, many Hong Kongers have chosen to immigrate to foreign countries, hoping to live a different life – better, freer, and livelier. This phenomenon is called the “Hong Kong mass migration wave”. 

According to 2021 population census statistics, the provisional population of Hong Kong is about 7.39 million in the midst of the year. Compared with last year, which was about 7.48 million in mid-2020, there is a decrease of 87,100 people or 1.2%. 

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During the same period, 89,200 people had already moved out of Hong Kong. Although the reason for decreasing populations in Hong Kong might not be all immigration-based, because of the COVID-19 border closure, immiDaily has indeed received plenty of immigration queries and witnessed many Hong Kongers leaving for a new country. 

The most popular visa routes Hong Kongers look for: 

A drop of unemployment rate in the midst of HK migration wave

The Hong Kong Census and Statistics Department announced that the latest unemployment rate from April to June in 2021 was 5.5%, a decrease of 0.5% from last year. The number of unemployed, surprisingly, fell by about 20,000 to a total of 213,100. 

Analyzed by industry, the unemployment rate of most major industries has fallen during the same period. Among the major industries were interior design, housing maintenance, arts and entertainment, recreational activities, and restaurant services. However, the manufacturing industry has recorded a significant increase of 0.5% in the unemployment rate.

The decline in the unemployment rate is likely to be related to the Hong Kong mass migration wave, where immigrants who move out from Hong Kong have been excluded to be counted into the labor force. Moreover, many youngsters or teenagers in Hong Kong have been looking for jobs or studying abroad

Therefore, it will indirectly help the Hong Kongers who remain in their home country to seek a better chance for bigger, better, and higher job roles and promotion opportunities. 

Rising students’ dropout rates in Hong Kong

A survey conducted by Hong Kong Professional Teachers’ Union in May this year found that in 30% of the primary schools surveyed, more than 20 students dropped out. Another education union, the Hong Kong Federation of Education Workers also came out with a much similar result – 90% of kindergartens in March had lost students, with immigration overseas found to be the main reason. 

School administrators said that the rate of student loss has accelerated since then. Some schools have lost up to 15% of their students after the Hong Kong mass migration wave happened. 

If you are wondering why many Hong Kongers want to get out of their home countries, immiDaily recently conducted research about it and we exposed all the information here. Check them out now! 

Will this massive migration wave affect Hong Kong property prices?

One of the lingering concerns in Hong Kong is the impact of the population exodus on the Hong Kong talents and property prices. The report said that under the nation’s pessimistic conditions, the greatest talents and distinguished human capital may leave Hong Kong in search of better life opportunities. 

With the wave of immigration in Hong Kong, it might indirectly affect the property prices drastically which may have a negative impact on Hong Kong’s financial stability and economic growth in the long run.

Even though Hong Kong’s total population declines starting from 2020, the property prices so far have not encountered any sign of dropping possibility. However, the aging population and mass migration wave in Hong Kong might be the tipping points for housing affordability and capital outflows to foreign countries. 

Keep updating your Hong Kong migration knowledge with immiDaily

immiDaily understands how tough and depressing the situation can be in Hong Kong so far. That is why we have our knowledge base section to answer any questions lingering in your mind or start asking your own questions by filling up this form. We would be more than happy to answer your queries and help you to realize your immigration dream. 

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