
In the 1950s, there was a small 20,000-inhabitant town stuck in the desert, on the shores of the Persian Gulf. Other than trading activities derived from its strategic location, at the crossroads between Europe, the Middle East, and India, that small town had very little to capitalize on.
Yet, a visionary and ambitious sheikh pushed the development of that small town. When oil was discovered in the territorial waters of that little town, in the late 1960s, development accelerated. An airport, a deep-water port, schools, hospitals, roads, touristic infrastructures,… That small town got it all.
Seventy years later, in 2020, that small town had grown into an exuberant 3,331,000-inhabitant megalopolis; home to the tallest skyscraper in the world, three sets of islands reclaimed on the sea in the shape of palm trees, one of the most exclusive hotels in the world, and many more extravagant projects. That small town was Dubai.
Which brings us to another small city that took advantage of its geographic location: Singapore. Located on the Southern tip of the Malaysian peninsula, Singapore is sitting right on the maritime route between the Far East, India, South East Asia, and the Middle East (hence, Europe).
After a rather chaotic start, in the late 1950s and early 1960s, Singapore finally took off under the impulse of its first Prime Minister, Lee Kuan Yew, who understood Singapore’s full potential better than anyone else. Notwithstanding a complete lack of natural resources, Singapore initially focused on its manufacturing sector, as well as on education, on which it capitalized. Hard.
In the 1980s, Singapore knew a Golden Age with unemployment rates falling to 3% whilst its GDP recorded a yearly growth averaging 8%. Changi Airport was inaugurated in 1981 and Singapore Airlines, founded in 1985, grew to become a major global airline company. Meanwhile, the port of Singapore became the busiest port in the world (until 2010) thanks to its prime location and wise investments.
Although not as extravagant as Dubai, twenty-first century Singaporeans have built some stunning architectural marvels such as the Marina Sands Resort, Gardens by the Bay or Merlion Park. However, whilst the city grew, Singaporeans were wise enough to preserve their historic assets, such as Kampong Glam, Chinatown, or the Old Parliament House, for instance.
This naturally brings us to the topic of this article: Hong Kong. And what a shame this city is. Dubai and Singapore capitalized almost entirely on their strategic location, which gave rise to iconic twenty-first century cities. Yet, to this day, it is still Hong Kong that enjoys the very best geographic and socio-eco-political situation in the world (thanks to the Westerners lacking a backbone and not reacting to the PRC’s blatant violation of the Sino-British Agreement of 1984, the National Security Law will have very little effect on the economy of the city).
Unfortunately, Hong Kongers failed and still fail to take advantage of Hong Kong’s prime situation. Well, to be more precise, Hong Kongers didn’t exactly fail; they simply are unaware of the ridiculously high potential of their own city.
If you look at a map of Asia, you’d soon notice that Hong Kong was built on the Southern tip of what has become the PRC’s (and the world’s) technological factory: Shenzhen and Guangdong Province. Not only that, Hong Kong also sits smack in-between Japan, South Korea, Shanghai, and Taiwan in the East, and Malaysia, Singapore, Thailand, India, and the Middle East (hence Europe further up) in the West.
Yet, however incredible it may sound considering Hong Kong’s near-perfect situation, the city managed to lose its role as busiest port in Asia when it was surpassed by the likes of Shanghai and Ningbo-Zhoushan -both of which not ideally located on the far eastern shore of the PRC- or Singapore and even… Shenzhen.
Now, this last one particularly hurts considering Hong Kong is a free market, which the PRC is not. Yet, regardless of this handicap, the port of Shenzhen was built from scratch only a few kilometers from the port of Hong Kong and, in less than fifteen years, managed to surpass the port of Hong Kong. Good job, Hong Kong.
Now, if you give a closer look at the economy of Hong Kong, you’d notice that it is almost entirely based on the finance industry. Hong Kong doesn’t produce anything, hence doesn’t export anything. Or so little. Hell, it is not even capable of acting convincingly as the middle-man between Communist PRC and the rest of the world when it comes to exporting Chinese goods.
Even though a key financial place in Asia, Hong Kong is not able to capitalize on its experience and on the fact that it is the only free market in China. Look at the evolution of the stock-exchange market. In 2020, Hong Kong lost its spot as third most important financial center in the world (due in part to the protests) to the benefit of Tokyo. And Shanghai. And Singapore. Yes, you read right. Hong Kong lost three spots in just one year, falling from the third spot to the sixth spot. And Beijing and San Francisco are ready to overtake Hong Kong in the next couple of years as well. Amazing job, Hong Kong.

To make matters worse, Hong Kongers are not even capable of developing their own finance industry. Of course not. Rather, Hong Kong’s finance industry almost entirely relies on foreign banks. I mean, how many Hong Kongese banks could you name? A few? And how many of those Hong Kongese banks have grown to become multinationals? None! Zero!
Hong Kong’s highest ranking bank, Hang Seng Bank, was ranked 82nd globally in the 2019 Brand Finance Banking 500. And it has branches in Hong Kong, the PRC, and Macau only… after an 87-year-long existence. Even Singapore’s DBS (ranked 34th in the 2019 Brand Finance Banking 500) has grown to be present all over South-East Asia. And it was founded only 51 years ago! In fact, two more Singaporean banks ranked higher than Hang Seng Bank: UOB (55th) and OCBC Bank (56th).

Top 500 most valuable banking brands (1-100). February 2019. Source: Banking 500 2019.
This reliance on foreign investors, in Hong Kong, led to some tense months when, in the midst of the 2019-2020 Hong Kong Protests, foreign investors began to think about relocating their activities. Try to imagine the consequences on the Hong Kongese economy if foreign banks left the city.
Since we were studying the Brand Finance rankings, how about we gave a look at the 2020 Brand Finance Airline 50? And, surprise, Hong Kong doesn’t score well in that department either (relative to Dubai and Singapore). In 2020, Dubai-based Emirates was the 4th highest valued airline in the world (1st non-American airline). Singapore Airlines ranked 20th. And Hong Kong-based Cathay Pacific ranked only 28th. Considering Hong Kong’s ideal geographic situation, right in the middle of the Asia-Pacific region, it is rather astounding Cathay Pacific never capitalized on Hong Kong’s prime location.

Think about it, Hong Kong could be a major passenger hub between Japan, South Korea, Taiwan, the PRC, India, Singapore, South-East Asia, Australia, and New Zealand. Yet, again, Dubai ranks 5th globally whilst Hong Kong only ranks 13th. Luckily, Singapore hasn’t beaten Hong Kong yet, as it only ranks 17th. Even Chinese airports (Beijing, Shanghai, and Guangzhou), with all their rules and restrictions, rank higher than Hong Kong (sure, domestic flights in a country with 1.4 billion inhabitants help a lot).
It is simply astonishing Hong Kong ranks so low as a passenger-hub. Even more so considering Hong Kong has proven its potential as a major cargo-hub. And not just any major cargo-hub. Shek Lap Kok has been the busiest cargo airport in the world for nine consecutive years. But does cargo do tourism? Does cargo visit Hong Kong and spend money in the city when it lands in Hong Kong? Does cargo talk about the city? In other words, does cargo have any impact on the image of Hong Kong worldwide?
Speaking of airlines, airports, image, and tourism… Here’s yet another frustrating example of Hong Kong’s conservationism and pathetic lack of creativity. See, Hong Kong has one of the densest and most unique histories in the world, which it could have based an entire tourism industry on. Yet, what remains of this history? Not much. Whereas Dubai and Singapore carefully maintained their respective (limited) historic landmarks, Hong Kong eagerly destroyed most of its legacy to make way for frustratingly ugly and bland towers. Or, worse, for the Cultural Centre in Tsim Sha Tsui.
Seriously, most Hong Kongers don’t even know why Hong Kong became British in the first place. Let alone when it became British. And if you told them Hong Kong, as we know it today, became British in three stages, you’d confuse the shit out of them. In such context, how do you bring tourists to relive the history of Hong Kong? In the pathetically empty and boring Museum of Natural History in Tsim Sha Tsui East? Let’s be serious, please!
To add insult to injury, even the official transcript of the Treaty of Nanjing and the First Convention of Peking, which marked the end of the First and Second Opium War (respectively) and the cession of Hong Kong Island and Kowloon (respectively) are not kept in Hong Kong… but in Taiwan.
No, in Hong Kong, tourism is based on… shopping. And more shopping. And even more shopping. And that’s how you end up with the highest concentration of Louis Vuitton and other Gucci shops in the world. All for the greatest pleasure of extremely “classy” (cough cough) Mainland millionaires. But, as was the case with the foreign banks in the finance industry, if Mainlanders stop pouring into Hong Kong, as was the case during the 2019-2020 Hong Kong protests, those high-end shops will end up closing their doors.
Now, when you think about it, even the shopping malls are boring in Hong Kong. Sure, there are a lot of shopping malls, but they’re all built following the same blueprint: lots of clothing stores, more clothing stores, and even more clothing stores, a few jewellery stores, and one Apple Store. Any special feature to spice up the shopping mall? Yes, an ice-rink in Festival Walk (Kowloon Tong) and in Elements (Kowloon). And that’s it.
Instead of shopping malls, Hong Kong could have built amusement parks. As a matter of fact, they did. However, as opposed to the sheikh of Dubai, Hong Kongers dream as small as they possibly can. And they end up with the second smallest Disneyland in the world… which, obviously, doesn’t attract many visitors and loses money year after year. Considering there are two gigantic Disney-themed parks in Tokyo and another enormous one in Shanghai, why would anyone visit Hong Kong for Disneyland.
Then, there is also the oh-so-generic Ocean Park, loved by Hong Kongese children… due to a lack of options, I guess. I’m still wondering what the reference to the ocean is all about. Is it because they have a few fish and sharks on display? Is it because they have a few dolphins swimming in circles in a pond? Or is it because they have two walruses bobbing up and down in their bath tub? There isn’t even a single ride remotely linked to the ocean!
Would you be surprised if I told you Ocean Park was losing hundreds of millions of dollars every year? As a matter of fact, Ocean Park requested an urgent $5 billion HKD bailout the very day I started writing this piece (which they were eventually granted). And that came only five months after they had begged for a $10 billion HKD bailout from the government, in January 2020.
The absence of creativity, daring, and will in Hong Kong is mind-blowing. Look, there are 263 islands in Hong Kong. Do you know what islands have in common? They are surrounded by water. A lot of water! As a matter of fact, 59.8% of Hong Kong is made of water. Yet, our Hong Kongese geniuses built Ocean Park… on a mountain! I mean… Do I really have to add anything, here, to the absolute lack of rational thinking of Hong Kongers? Third highest IQ in the world for fuck’s sake. And they built an ocean-themed park on a mountain when 60% of the city is made of water. My mind is blown.
They could have built a gigantic ocean-themed resort linking several of those islands, offering Hong Kongers and visitors alike the possibility to try water sports. Jet skiing, sailing, snorkeling, scuba-diving, kitesurfing, kayaking,… You’d think Hong Kong is the ideal place to try out those sports: it’s warm/hot year-round and there is plenty of room on the sea. Yet, with a handful of exceptions, water activities remain inexistent in Hong Kong.
Hell, they could have built an ultra-exclusive resort a-la Maldives to attract wealthy Chinese or Japanese visitors. Or an ultra-exclusive hotel a-la Burj-al-Arab hotel in Dubai. But, no, in Hong Kong, if you want to build a luxurious hotel, you build it the right way. That is, just like the one hundred other luxurious hotels that already dot Hong Kong Island and Tsim Sha Tsui. Something original, for a change? No, thanks. We’ll leave that to Dubai and Singapore. And the tourists that go with those daring projects as well. In Hong Kong, we prefer stagnating.
Ironically, Hong Kong is a Chinese city but, unlike the Mainlanders, Hong Kongers don’t even copy what works elsewhere. No, they keep repeating what they have been doing for the last twenty years. Over and over again. A shopping mall in Tsim Sha Tsui, and another one in Kowloon Bay. And, of course, hundreds of identically bland residential estates.
As for entertainment… Well, you don’t have too many options, in Hong Kong: cinema, ballet, opera, or plays. But, Hong Kongers having as much creativity as a stone (didn’t mean to insult stones, though) the same ballets, operas, and plays are repeated year after year. I mean, how many times have I seen Nutcracker or Swan Lake in Hong Kong? Well, once a year, pretty much.
See, Singapore did not hesitate to dedicate one entire island to recreational acgivities. Yes, on Sentosa Island, you can do it all. There is a 2-kilometer-long beach, two golf courses, Universal Studios Park, hotels, a casino,… And 20 million people visit Sentosa Island every year. Why did Singapore manage to pull it off? Why can’t Hong Kong? 1.4 billion potential visitors right across the border, and you can’t take advantage of this huge potential.
The problem with Hong Kongers is this lack of creativity and imagination. They love money with a passion, but if money is not right there, at their feet, they won’t think about digging out the money that lays one foot underground. As a matter of fact, when you think about it, the only reason Hong Kong makes so much money is not because of the Hong Kongese genius.
No, it’s merely thanks to its free market which attracted foreign companies (mainly banks and European luxury shops) and money-laundering Mainlanders; allied with a scarcity in land which attracts more money-laundering Mainland real-estate speculators who drive the prices of real-estate sky-high. Oh and, by the way, who jump-started the finance industry in Hong Kong? It was the British, of course. Yes, Hong Kongers are not even responsible for the founding of the main industry in the city.
Now, remove those foreign companies and Mainlanders and what are you left with in Hong Kong? Nothing. Absolutely nothing. Hong Kongers never developed anything. Oh, sorry,… yes, you’ll be left with ten thousand cheap local restaurants nobody gives a fuck about. So, yes, like I said, they never developed anything of value.
Even the wealthiest Hong Konger became rich without innovating the least bit. Look, in the United States, Bill Gates became a billionaire founding a company in an industry that was budding in the 1980s: informatics. Same goes for Steve Jobs. Mark Zuckerberg took advantage of this new communication tool: the Internet. Jeff Bezos started a new form of business: online retail. Elon Musk founded numerous hi-tech companies, developed new forms of transportation, sent a car in space… and was the first one to send humans into space aboard a commercial rocket.
In Hong Kong, on the other hand, Li Ka-shing, the city’s wealthiest man, made his fortune in… real-estate, finance, energy, and retail. Wow…that’s original. Lee Shau-kee, Hong Kong’s second wealthiest businessman became a billionaire investing in… real-estate. Yes, Hong Kong definitely has brilliant innovative minds. But that’s Hong Kong for you. Making money without innovating; without taking the least risk. Now, those men became successful in the 1960s, when Hong Kong was cheap (in literally every sense of the term). I’d love to see a Hong Konger build his fortune from scratch today with such a mindset.
Hong Kong has been declining ever since the handover in 1997: it lost its status as busiest port in Asia; it is about to lose lost its status as first financial place in Asia to the benefit of Tokyo, Shanghai, and Singapore; it is losing its status as Asia’s World City to the benefit of Singapore;… And that is neither a surprise, nor an accident. The problem of Hong Kong is that it is sitting on a goldmine of untapped potential no Hong Konger sees. Rather than being trend-setters, Hong Kongers prefer following the trend set by other people. Hong Kong’s motto could very well be: to boldly go where no one the rest of the world has gone before… provided it’s a rock-solid guaranteed win.
It is rather ironic when you think about it… Dubai, Singapore, and Hong Kong have one thing in common. In the late nineteenth and twentieth century, all three cities were ruled by the British. However, it is Sheikh Rashid who developed Dubai into the megalopolis we know today after the British left; and it is Prime Minister Lee Kuan Yew who developed Singapore into Asia’s World City after the British left.
Hong Kong, on the other hand? Well, it is the British who had to turn this barren rock into a megalopolis to begin with. And it is the Hong Kongers who let the city stagnate after the British left. And with the help of their home-grown protestors and the PRC’s running out of patience, they may very well drive Hong Kong into irrelevancy in the near future. Good job, Hong Kong. That is, unless the West comes to the rescue of Hong Kong. This begs the question: when will Hong Kong succeed in something… on its own?





































