With a population of more than 7 million, Hong Kong is one of the world's most densely populated regions.
The city has a lengthy history that begins during the Qin Dynasty, when it was a component of the Chinese empire. During the First Opium War in 1842, the British seized control of the region, turning it into a colony. The colony prospered and developed into a significant trading port. The British handed up authority of the colony to China following World War II.
Hong Kong was given back to China in 1997 and turned into a Special Administrative Region of China.Hong Kong has a very high GDP per capita income despite its tiny size.
The GDP per capita in 2017 was $55,215, which is more than the corresponding figures for the US ($57,220) and the UK ($39,720). The city's robust economy is the cause of the high GDP per capita income. Numerous global corporations have their headquarters in Hong Kong, a significant financial hub.
The city also boasts a free market economy and low tax rates.Hong Kong has a long history of being a significant trading centre. The colony was renowned for its pro-free trade and welcoming of foreign investment policies. These regulations contributed to the city's success in luring several foreign companies.
The economy of Hong Kong kept expanding after China took back control of the territory.
The Special Administrative Region has its own legal system, customs regulations, and currency. This independence has contributed to the city attracting even more foreign enterprises and investment.Hong Kong's robust economy and historic status as a significant trading hub are the causes of the city's high GDP per capita income.
The city's free market economy and low tax rate have drawn numerous global corporations. The independence of the city has also attracted enterprises and investment from abroad.