Hong Kong and Macau have always been among the top economic growth regions in the world. In 2023, Macau ranked fifth in the world, compared to Hong Kong's 12th. Macau's GDP per capita surpassed US$90,000; it was almost thirty percent higher than Hong Kong's US$70,000. Singapore, on the other hand, ranked third in the world, with the GDP per capita which was eighty percent higher than that of Hong Kong.
Recently, Macau’s Chief Executive Ho Lat Seng said that Hong Kong will always be Macau's big brother and has helped Macau in various aspects. If Hong Kong is worth as it was referred to as this big brother, it must really work hard to solidify its core capabilities in financial sector and the securities industry.
After three years of lockdown, Macau's gambling revenue fell to the rock bottom, but since the control points between Mainland 
and Hong Kong were reopened at the beginning of last year, Macau has been striving to promote the tourism. One year later, Macau government’s annual budget regains balance this year and will have surplus next year. Hong Kong's financial sector has not yet been recovered and will have to issue government bonds to meet its annual expenses in the next five years.
Macau is well aware that it is necessary to maintain a large number of tourists in order to increase gambling revenue, so casinos have been competing each other to organize pop stars concert to attract overnight guests to enjoy the entertainment shows and it helps to increase its gambling revenues. This type of non-gambling entertainment business has proven to be highly effective to increase the gambling revenue indirectly.
In the face of financial and tourism industries’ downturn, Hong Kong government hopes to save these weakened industries by promoting festival activities of “night vibe Hong Kong” to improve local economies in various districts. However, it seemed not to be effective to enhance the overall economy.
According to the report on Hong Kong's financial development, Hong Kong can surpass Switzerland in 2027 and be ranked as the number one of the wealth centers which manages largest amount overseas assets in the world, and Singapore will be ranked third in the list.
Hong Kong has achieved superior results in wealth management, but due to the significant decline in its ability to raise funds through listings, it ranked fourth in the world financial center behind Singapore in the 2023.
Hong Kong's core competencies are the financial services industry. Due to the listing and fundraising business regressing, Hong Kong is strengthening the development of wealth management and other related businesses, and it will organically re-surpass Singapore to become the world's third largest financial center. Until the financial services industry regains its vitality, real estate industry will be expected to return to the upward trajectory, so the next few years will still be a painful period of adjustment for property industry.
