Hong Kong’s rich grow richer as stock boom lifts multimillionaires’ wealth, Citi says
The number of Hongkongers with at least HK$10 million in net assets edged up to 395,000, as a booming stock market offset property weakness
The number of affluent Hong Kong residents has risen slightly, as a stock market boom partly offset the impact of the gradually recovering property sector, according to a Citibank Hong Kong study.
The population with total net assets of at least HK$10 million (US$1.3 million) increased by 1.3 per cent to 395,000 as of mid-June from six months earlier, the bank said.
The bank surveyed more than 2,600 residents aged 21 to 79 in two periods - December 2024 to January 2025 and August to October 2025 - to produce provisional estimates for its latest Hong Kong Affluent Study.
Citibank said the number of multimillionaires fell from 408,000 in June 2023 to 310,000 by the end of that year, before rebounding to an estimated 390,000 by the end of 2024 and 395,000 by mid 2025.
Angela Shing Ching-man, head of wealth continuum and productivity at Citi Hong Kong, explained that the faster growth in 2024 was largely attributable to the post-Covid recovery, but the rise in 2025 had been steadier.
“We are seeing a clear pivot towards active wealth management and diversification beyond traditional assets,” Shing said.