The Hong Kong economy began to improve in 2021. And this, despite worries that a “brain drain” might occur after a new national security law was passed. After six consecutive quarters of decline, Hong Kong’s economy began expanding around the middle of 2021. Economic expansion was robust in 2021, at around 6.4%, but it was building on a very weak foundation in 2020.
Despite a slew of factors, such as the unknown impact of the Omicron variant of COVID-19, inflation, and geopolitical tensions stemming from US-China relations, cautious optimism exists that this recovery will be sustained in 2022.
Consumer spending in Hong Kong has been healthy, which is good news. When comparing the first 10 months of 2021 to the same period in 2020, retail sales increased 8.5% in value. The government’s second round of e-vouchers may have played a role in this.
As the Hong Kong economy expanded in 2021, so did the city’s job market. The unemployment rate decreased from 5.8% in 2020 to 4.1% between September 2021 and November 2021. Many Hong Kong businesses anticipate a need to increase their staff numbers in the first quarter of 2022, signaling a continuation of this trend.
More than 20% of Hong Kong’s GDP comes from the financial services industry, making it a vital part of the city’s economy. The banking and finance sector will remain one of the highest-paying industries in Hong Kong in 2022. Corporate finance experts, as well as those working in private banking and wealth management, can expect to earn some of the highest salaries in this group.
Compliance attorneys, real estate lawyers, and construction law experts will all be in high demand in 2022.
Recruitment of top talent remains a top concern for businesses of all sizes in Hong Kong. Although the job market is expected to be competitive, many companies are still willing to pay above-average wages to attract and retain qualified candidates.
Even though the positions on the list are more senior, it will still be useful for job seekers of all levels, including recent graduates, to learn which industries will be hiring heavily and offering the highest salaries in the coming months.
Top highest paying jobs in hong kong
Digital banking director
As a global hub for banking and finance, Hong Kong is always on the lookout for qualified digital banking directors. Many Chinese companies set up shop in Hong Kong, making it an excellent place to launch a banking or financial services career. Typically, a digital banking director’s role entails delegating project implementation and completion to subordinates. Directors of digital banks should hold an advanced degree in information technology or a related field, and preferably an MBA as well. Work experience of several years’ duration is highly desirable. The ideal candidate will be bilingual (in English and Chinese) and proficient in the use of all Microsoft Office’s fundamental programs.
Executive directors are responsible for a variety of tasks, such as ensuring the continued success of the organization and its lauded services and programs. It is not uncommon for the executive director to play a key role in the organization’s vision-setting team and to lead fundraising efforts. Applicants need to have a four-year degree in a relevant field (business, healthcare, management, etc.). In addition, you’ll need a decade or more of professional experience at a senior level to be considered for this role. An executive director is responsible for setting the company’s direction, both short- and long-term, and coordinating the efforts of others to make that vision a reality. Possessing strong leadership skills and an outgoing character are indispensable qualities.
Head of digital
Having this title is a mark of distinction in many businesses and financial institutions. Implementing digital strategies across personal and wealth banking, commercial banking, and private banking to enhance business transactions and investments is the primary responsibility of the head of digital. Leaders in digital should try something new to enhance the digital banking experience for their customers. Successful applicants will have a degree in computer science, electronics, or a closely related field. Also beneficial is prior work experience in retail banking, particularly with customer service and relationship management. The ability to work proficiently with digital technologies in the financial sector is essential. Last but not least, a person must possess stellar managerial abilities.
Head of legal
The legal department’s leader is responsible for advising the company and its divisions, assisting in the drafting of commercial and business agreements, monitoring for regulatory compliance, and assessing the potential legal risks faced by the business. The ideal candidate will have both a law degree and at least 5 years of relevant work experience. Bilingual English/Chinese proficiency is required. The candidate needs to be well-versed in the relevant field and up-to-date on the latest legal developments affecting the workplace. In some cases, the head of legal may need to travel to oversee the legal operations of various franchises and/or locations.
Head of Compliance
The banking and financial services sector’s digital transformation has been boosted by COVID-19. RegTech and other cutting-edge technological solutions have become essential for compliance departments to keep up with ever-changing rules and regulations.
Compliance officers once only had to worry about preventing financial crime, but now they must also address ESG (Environmental, Social, and Governance) concerns. It is not uncommon for a Head of Compliance who is responsible for regional markets and who has expertise in Financial Crime Compliance and Anti-Money Laundering to command an annual salary of over HK$3 million.
Chief Information Officer
A capable CIO is not only aware of what’s happening in the tech world but also has the vision to see how it all fits together with the company’s goals.
The global spread of COVID-19 necessitated rapid digitalization across all sectors. It’s no wonder then that CIOs can command salaries of HK$2.4 million to HK$2.6 million per year in fields as varied as consumer goods, banking and finance, property and construction, healthcare, and manufacturing.
Head of Human Resources
The financial technology industry in Hong Kong is flourishing alongside the city’s more traditional banking system. Many people celebrated the debut of its eight online banks. Nonetheless, Hong Kong-based fintech firms working in areas such as insurance, blockchain and cryptocurrency, RegTech, and biometrics are also rising to prominence.
Most of these businesses are actively expanding their workforces, which necessitates the services of an experienced human resources leader who can find and keep the best and brightest minds in the technology sector. The average salary for a Head of HR in Financial Services and Fintech is HK$1.6 million per year.
Head of Marketing/Digital Marketing
Everything is becoming more and more digitized and online, so digital marketing directors are becoming increasingly crucial. The only way for a business to rise above the rising tide of competition is to build a formidable marketing department. A top marketer can make between $1.6 and $2.6 million Hong Kong dollars per year.
Chief technology officer
Hong Kong serves as a hub for many multinational corporations. Chief technology officers (CTOs) are responsible for a wide range of responsibilities, including the creation and auditing of project frameworks, the review of framework requirements and systems, and the implementation of quality control criteria within a given department.
Chief technology officers need a bachelor’s degree in electronics, computer science, or information technology from an accredited institution. It is expected that candidates for chief technology officer roles have at least five years of relevant experience, preferably in the field of corporate blockchains, in addition to strong programming skills and familiarity with cloud platforms. Moreover, effective communication skills are required for success in the Highest-Paying Jobs in Hong Kong.
Chief information officer
Hong Kong is home to the international headquarters of numerous multinational corporations and healthcare organizations. The primary role of a chief information officer (CIO) is to drive the implementation of new technologies within an organization.
These are Hong Kong’s Highest-Paid Jobs. A chief information officer (CIO) typically manages an organization’s IT department and is in charge of data analytics and reporting.
Candidates should have excellent communication skills in addition to strong leadership and management abilities. A background in IT, computer science, math, or electronics is preferred. Both fluency in Mandarin and English, as well as at least five years of relevant work experience, are required.
Chief financial officers
A company’s operational efficiency can be greatly improved with the help of a CFO, who plays a pivotal role in the regular reporting and administration of financial statements. They take the economic outlook into account when creating financial models and come up with strategic plans to increase efficiency and revenue.
The ideal candidate for the position of chief financial officer will have both a bachelor’s degree and extensive experience in the finance or accounting departments of a large company. Competence in logistics and auditing is a plus. Accomplishing goals and controlling expenses require not only fluency in Mandarin and English, but also both of these languages.
A CFO’s annual salary is among the highest in Hong Kong, but it varies depending on the company’s industry and size.
Chief medical officer
Patients with both public and private health insurance options have access to a wide range of healthcare facilities in Hong Kong. Chief medical officers (CMOs) oversee the day-to-day operations of healthcare facilities and offer support to the medical staff. CMOs have a significant impact on an organization by, among other things, keeping an eye on employee productivity, ensuring consistent quality, and implementing efficient procedures.
One needs both management and leadership experience and a degree in healthcare or a related field to rise to the position of chief medical officer. The vast majority of applicants have worked in their field for at least five years and come with glowing references.
Professionals who specialize in the law are consistently among the highest-paid in the world. As a profession, lawyers put in long hours studying the law, and the General Counsel is the company’s go-to lawyer for guidance on any and all legal matters. Caseworkers’ duties may include resolving issues involving intellectual property, taxation, labor law, and regulatory compliance. Earnings average between HK$2.5 and HK$5 million per year.
CIO/CTO – Information Technology
The most significant phenomenon that will affect the future of business is the development of new technologies. Chief Technology Officers are expected to steer the company’s technological direction and devise a plan to exploit emerging technologies to gain an edge in the marketplace. It is common practice to pay between $1.8 and $2.6 million Hong Kong dollars per year for such a significant position.
This IT professional will be responsible for assisting the business in developing cloud adoption strategies, designing cloud-based applications, and managing the entire cloud-based infrastructure. You will be working with DevOps engineers and developers, as well as other members of the tech team (bridging the gaps between them), so you will need to have a thorough understanding of the concepts and moving parts involved in the integration and delivery process. Here, you’ll want your language abilities to shine.
Legal Counsel for Crypto/Blockchain/Web3
Regulatory status, compliance, corporate law, and anti-money laundering are just a few of the many complex legal issues that have long plagued these sectors. In other words, if you’re a lawyer working in the crypto/blockchain/Web3 space, you have a firm grasp on the law as it pertains to these industries and a thorough understanding of the underlying technologies that power them. And you can think on your feet to adapt to the ever-changing regulatory landscape, so you clearly aren’t afraid of volatility.
A DevOps architect usually specifies a methodical approach that meets all the requirements of the technical, operational, and management norms. By analyzing the comprehensive system environment and then picking an application framework to handle the problems in the given system, you can generate an organized solution. Your ability to solve problems using methods that are consistent with DevOps best practices is essential in this position. The ideal candidate for the role of DevOps architect will have worked as both a software developer and an architect, and will also be familiar with Agile practices.
Should you widen your job search to include opportunities outside of your home country? This is sometimes the last resort.
It is widely acknowledged that Hong Kong’s economy is among the strongest in the world. This densely populated area is still highly sought after. Since Hong Kong still has a great deal of development to accomplish, there are many available jobs.
A successful career in business or medicine can both benefit from Hong Kong. You may have to learn Mandarin and live in a small space, but the experience will be well worth it. Put another way, in 10, 20, or 30 years, your career will be grateful for the work you put in now.
Do you ever think about applying for jobs in Hong Kong? Or perhaps you know someone who is. Send this to your pals so they can see what’s possible for themselves!