Yacht people is a slang

Slang

Slang is the use of informal words and expressions that are not considered standard in the speaker's language or dialect but are considered more acceptable when used socially. Slang is often to be found in areas of the lexicon that refer to things considered taboo...

 term for the wealthy residents of Hong Kong

Hong Kong

Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...

 who fled the city in the 1980s and 1990s, prior to the city's return to Chinese rule

Transfer of the sovereignty of Hong Kong

The transfer of sovereignty over Hong Kong from the United Kingdom to the People's Republic of China, referred to as ‘the Return’ or ‘the Reunification’ by the Chinese and ‘the Handover’ by others, took place on 1 July 1997...

 in 1997. The term is a deliberate contrast to the poor "boat people

Boat people

Boat people is a term that usually refers to refugees, illegal immigrants or asylum seekers who emigrate in numbers in boats that are sometimes old and crudely made...

" who fled southeast Asia (most notably Vietnam

Vietnam

Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...

) in the 1970s. One of the destinations for the yacht people was Vancouver

Vancouver

Vancouver is a coastal seaport city on the mainland of British Columbia, Canada. It is the hub of Greater Vancouver, which, with over 2.3 million residents, is the third most populous metropolitan area in the country,...

, Canada

Canada

Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

.

This term has also been used for rich Kuwait

Kuwait

The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...

i who fled their country upon the Iraq

Iraq

Iraq ; officially the Republic of Iraq is a country in Western Asia spanning most of the northwestern end of the Zagros mountain range, the eastern part of the Syrian Desert and the northern part of the Arabian Desert....

i invasion.