With Hong Kong being renowned for its low tax rates, many high-performing professionals consider the move there. But what’s the Hong Kong job market for high-paying roles like? And what are the best jobs in Hong Kong today?
Even given the hardships posed by the pandemic, Hong Kong is still a significant draw for qualified individuals willing to move and reap the benefits. Plus, Hong Kong has some of the lowest tax rates globally, so we’ll introduce you to those now.
Read on to learn about ten fulfilling occupations that can earn you some serious bank in Hong Kong.
Hong Kong Tax Rates
With Hong Kong’s favorable tax system, you could potentially retain more of your earnings than you think.
One of the best ways to understand the system is to gain information on salaries tax from www.hkwj-taxlaw.hk. This way, you can make the most of any job opportunities in Hong Kong.
When it comes to tax in Hong Kong, you need to note the net chargeable income in Hong Kong Dollars (HKD) on every point and the corresponding tax rate.
Here’s a quick summary of the key Hong Kong tax rates:
- 1 to 50,000 HKD: 2%
- 50,001 to 100,000 HKD: 6%
- 100,001 to 150,000 HKD: 10%
- Over 200,000 HKD: 17%
You also get a tax rate of 0% on capital gains and income earned overseas. Plus, there’s a tax rate of 0% on dividends from a Hong Kong company. The Hong Kong government offers you a free tax calculator if you’re unsure how to do the calculations yourself.
With all of these favorable factors at play, it’s no surprise that Hong Kong has become one of the most prosperous populations in the world.
Highest Paying Jobs in Hong Kong
With a dense population and access to the world’s financial markets and manufacturing hub, there are many great options for a high pay job in Hong Kong. And as you’ll see, there’s a strong emphasis on the digital, management, financial, and legal side of things.
1. Chief Information Officer
Hong Kong is renowned for its banking and financial services sector, harking back to the British colonial days. The city-state remains strong in this sector, despite recent global drawbacks with the effects of COVID-19 and political instability.
With the planned introduction of virtual banks, Hong Kong emphasizes digital finance. As a result, technology leadership positions, particularly in financial services, are in high demand.
A chief information officer (CIO) could expect to be paid 2 million HKD or more every year. This is likely to be one of the highest-paid jobs in Hong Kong’s technology industry.
To become a CIO, typically, you need a bachelor’s degree and proven experience within similar roles of at least five years.
2. Chief Technology Officer
While the average income for a CIO is significant, the average pay for a chief technology officer (CTO) is not far behind. This is especially true if it’s a retail sector role.
With the retail market in Hong Kong taking a battering in 2020, many companies are rethinking their plans and shifting their operations online. This is where a CTO comes in.
Right now, a CTO in Hong Kong can expect to earn up to 1.6 million HKD per year. To become a CTO, usually, you need a bachelor’s degree and extensive experience in the IT management realm.
3. Head of Human Resources
Companies no longer regard human resources (HR) as a support function that does not create income. It has developed into a critical business ally, assisting in the identification of problems in the organization.
An effective HR team also aids in the development and maintenance of employee engagement, retention of talent, and planning for the workforce’s future needs.
That is why HR directors, particularly those in fintech and financial services, are in high demand in Hong Kong. They can expect to earn around 2 million HKD per annum.
A bachelor’s degree in human resources or a related subject, such as business management or finance, is required for most HR director roles. You may need a master’s degree in human resources or business administration to become a top-level director or take charge in large, complex firms.
4. Chief Financial Officer
The COVID-19 pandemic has wreaked havoc on the property and construction industries. Apart from delays in numerous development projects in Hong Kong, people aren’t looking to invest in or renovate property right now.
As a result, the sector’s outlook is cautious, with businesses opting for a careful approach on all fronts, including their financials.
Despite all this doom and gloom, property and construction companies want skilled managers who can handle their finances efficiently. This is why chief financial officers (CFO) working in these sectors can earn some of the highest salaries in Hong Kong.
A CFO in Hong Kong can expect to make 2.5 million HKD or more per year, depending on the company’s size, though they should generally have at least ten years of experience.
5. Chief Legal Officer
Law specialists are consistently among the highest-paid professionals in the world. They deal with legal and compliance issues, business disputes, labor law, taxes, and intellectual property, among a plethora of other areas. Annual salaries range from 2.5 million to 5 million HKD.
You need a law degree and substantial experience as a practicing attorney to become a chief legal officer (CLO) for a company in Hong Kong. CLOs have frequently worked as a partner in a law firm, as a first general counsel, or as the head of legal.
6. Internal Audit Director
An internal audit director is responsible for developing and implementing a risk-based audit plan to improve a company’s operational and financial activities.
An internal audit director’s annual pay ranges from 2 million HKD to 3.5 million HKD, depending on the company’s size.
A minimum of a bachelor’s degree in finance or accounting is required for employment as an entry-level auditor. For applicants pursuing a director position, most employers are looking for someone with substantial job experience as an auditor. They’ll also want to see a master’s degree in business, finance, or accounting.
7. Portfolio Manager
Portfolio managers are in charge of maintaining investment portfolios and developing mutual fund investment strategies.
They devote their time to investigating and analyzing current events that may have an impact on financial markets. Managers are in charge of sorting through the data and deciding which stocks to acquire and sell.
A portfolio manager’s yearly remuneration typically sits between 2 to 5 million HKD, and they need between five and ten years of experience in the field.
Portfolio managers typically hold a bachelor’s degree in finance, business administration, or economics, though increasingly, only a master’s degree in finance will get you hired.
Two key sectors where global consultants are in high demand in Hong Kong are industrial manufacturing and the healthcare industry.
The ongoing global pandemic has refocused attention on public health. As a result, the Hong Kong government is seeking insight into healthcare innovations. Likewise, with Hong Kong’s position on the edge of one of the world’s largest manufacturing hubs, local and global companies alike seek consultants to help navigate the complex arena of supply chain management.
In Hong Kong’s industrial manufacturing and healthcare industries, a consultant can earn up to 2.5 HKD million each year.
To become a consultant, you should have considerable experience in your chosen field to the point where you can offer value to a company that employs you.
9. Software Developer
Software engineers and developers are responsible for developing, maintaining, and auditing IT systems that fulfill the company’s needs. Their organizational demands evolve alongside technological advancements, so a software developer requires expert-level coding and programming skills.
Though this is one of the highest-paying jobs in Hong Kong, as it is in many other nations, a software developer’s salary can be volatile. Expect to earn anywhere from 350,000 HKD up.
Most software developers have studied computer science and other related subjects at a tertiary level. However, this is one industry where those who are self-taught may be able to land a high-paid job without formal certification.
In Hong Kong, family doctors are responsible for delivering comprehensive primary care to the public. They assess and diagnose patients, prescribe medications, and coordinate care with other medical specialists.
The Medical Council of Hong Kong is stringent about who can practice medicine in the city, making this one of the highest-paying jobs. The salary for a doctor in Hong Kong can be 1 million HKD and upwards.
In Hong Kong, there are two main medical training faculties, each offering six-year medical programs.
You’ll need to take a course in one of these places before doing an internship in a hospital, where you’ll work in four different departments. After that, you’ll need to register with the Hong Kong Medical Council.
The Best Jobs In Hong Kong Explained
So now you have some insight into ten of the best jobs in Hong Kong that pay high salaries. Of course, there are likely countless other well-paid opportunities out there.
Whichever high-paid job you manage to land in Hong Kong, it’s essential to make the most of the city’s unique tax situation. Learning how to get the tax system to work for you is complicated stuff, so recruit the help of legal experts right away.
Before you go, I hope you may like this article about the best jobs in Hong Kong and make sure to check out some of our other informative blog posts, too!