A study of 505 high net-worth investors based in three markets found that 30% of those based in Hong Kong believe that they have a very good knowledge of investment matters, far higher than those based in Singapore (7%) and Switzerland (16%). Those based in Hong Kong expected higher returns: a mean return of 15.2% per year over the next five years compared to the 13.3% and 5.5% annual return which investors based in Singapore and Switzerland strive for, respectively. “The higher return expectation in Hong Kong reflects that Hong Kong investors are confident of their investment skills, and that they might overestimate their ability in stock picking or choosing the best performing asset classes,” said Kalok Chan, professor of finance at the Hong Kong University of Science and Technology, who analysed the study results with SMU Associate Professor of Finance Annie Koh and Professor of Asset Management Teodoro Cocca at the Johannes Kepler University in Linz.