Hong Kong had a million millionaires as of last year.

The city's population in 2017 was 7.36 million — meaning one in seven Hongkongers is a millionaire.

The Hang Seng Index rose 36% in 2017 while property prices rose 14%, creating more wealthy men and women in Hong Kong.

Hong Kong had a million millionaires last year, up 15% from a year earlier, 68,000 of whom have at least 10 million Hong Kong dollars, or $1.27 million, according to a Citibank study released Thursday.

The study defines millionaires as those with liquid assets — deposits, mutual funds, and stocks and bonds — of 1 million Hong Kong dollars ($127,430). It was conducted from September to November last year and involved 4,139 Hongkongers and 200 mainlanders.

Hong Kong's population in 2017 was 7.36 million.

The growth in the number of millionaires was a result of the rising stock and property markets last year. The Hang Seng Index rose 36% in 2017 while property prices rose 14%, creating more wealthy men and women in Hong Kong.

"Looking ahead, the number of millionaires will increase in 2018," said Lawrence Lam, the head of retail banking at Citibank Hong Kong. "The stock market sentiment is strong while property prices will keep rising even with the interest rate rises."

In this June 24, 2017, photo made with a tilt-shift lens, a Chinese national flag appears on a screen to mark the 20th handover anniversary at Victoria Habor in Hong Kong. Vincent Yu (Associated Press)

Property was the main investment vehicle for mainland and Hong Kong millionaires, with about 70% of their assets in real estate. On average, each Hong Kong millionaire had 3.2 properties while the mainland millionaire had 3.7.

It is worth noting that 1 million Hong Kong dollars does not fetch much in terms of property in the city. Last week, a 209-square-foot apartment, slightly bigger than a standard shipping container, in the Pok Fu Lam neighborhood sold for 37,651 Hong Kong dollars a square foot, a record price for so-called micro-apartments in the city.

But Hong Kong's richest people have more overseas properties than their mainland counterparts — 1.3 versus 0.7% for Chinese millionaires.

Stocks and cash were their other major investments. The city's millionaires had 14% in cash and 9% in stocks, while mainland millionaires had 12% of their assets in cash and 7% in stocks.

Not everyone in Hong Kong lives the high life. REUTERS/Tyrone Siu

The sources of their wealth are different, however. Hong Kong millionaires said 55% of their money was generated from their salary, while mainlanders said 55% accumulated their wealth from running a business. The rest was from investments and inheritance from parents.

About 71% of mainland millionaires run their own business, while only 21% of Hong Kong millionaires owned a business.

Among the concerns raised by the two sets of millionaires, the bank found Hong Kong's were most unsatisfied about the living environment and education system in the city, while mainlanders were most concerned about their medical system.

Lam said 17% of millionaires in Hong Kong planned to migrate to other countries compared with 26% from the mainland, with Australia their No. 1 destination.

In terms of their banking habits, Hong Kong's affluent group engaged in mobile banking a lot more than the general public, the report showed.