Hong Kong’s ultra-wealthy population has soared to the world’s second highest, overtaking major financial centres like London and Tokyo, according to Altrata’s World Ultra Wealth Report 2025.
The number of ultra-high-net-worth (UHNW) individuals in Hong Kong – those with a net worth above US$30 million – jumped 22.9 percent in the first half of 2025 to reach 17,215 people. That represents 3.4 percent of the global total of 510,810 UHNW individuals and marks the fastest growth rate among the world’s top wealth markets.
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New York remains the world’s wealth capital with 21,380 ultra-rich residents, while Los Angeles, San Francisco, Tokyo, and London trail behind Hong Kong. Despite the U.S. continuing to dominate global wealth, Asia is now leading growth in the number of ultra-wealthy individuals, with Hong Kong and India emerging as key drivers.
IPO boom fuels Hong Kong’s wealth rise
Altrata attributes the surge in the Hong Kong ultra-wealthy population to a powerful rebound in IPO activity. According to PwC, the city has reclaimed its title as the world’s most active listing venue in 2025, with 90 to 100 IPOs expected by year-end, raising more than HK$200 billion (US$25.7 billion).
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Mainland Chinese companies – especially in tech, biotech, and consumer sectors – have powered much of this activity, according to Jing Daily. High-profile listings included Chery Automobile’s US$1.2 billion debut and filings from beauty brand Chando Global and fast-fashion giant Shein.
Analysts from KPMG and PwC noted that Hong Kong’s deep liquidity and role as a bridge between Chinese enterprises and global investors have created the ideal conditions for wealth creation, even as other global IPO markets slow.
Mainland slowdown highlights Hong Kong’s edge
By contrast, mainland China’s ultra-wealthy population rose only 3.5 percent to 52,020 individuals, reflecting economic headwinds and a struggling property market. Shanghai, once seen as a rival financial hub, now ranks just 25th globally.
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As Asia’s financial powerhouse, Hong Kong’s sustained momentum underlines its status as the preferred gateway for Chinese capital and international investment, and a city where new fortunes continue to be made.
