HK millionaires increasing mutual fund exposure

Hong Kong dollar millionaires are increasingly investing into mutual funds, RMB products and foreign currency, although their number is on the decline in the city, new research finds. There were 527,000 people with liquid assets of over HK$1 million ($129,000) in 2011, a 5.5% drop from 558,000 in 2010, according to the latest Hong Kong Consumer Wealth Review by Citi. However, this is still more than double the number in 2003. Overall, millionaires on average held HK$9.3 million …