New data highlights the growing affluence in Hong Kong, with one in 14 adults now possessing net assets exceeding HK$10 million, influencing investment strategies and prioritizing legacy planning.
Hong Kong’s millionaire population has expanded significantly, reaching approximately 395,000 individuals in 2025, according to findings released by Citibank Hong Kong’s “Hong Kong Millionaire Survey 2025.” This substantial number accounts for roughly 7% of the special administrative region’s residents aged 21 to 79, establishing an average where one out of every 14 adults holds net assets of HK$10 million or more. The data offers critical insights into the financial habits and wealth distribution strategies of the city’s high-net-worth individuals (HNWIs).
Snapshot of Affluent Wealth Distribution
The median net worth for this affluent group stands at HK$20.5 million, with median liquid assets averaging HK$10 million. The survey highlights a near-even split in asset allocation, demonstrating a cautious yet diversified approach to wealth management. Approximately 51% of their total wealth is held in real estate—underscoring the continued dominance of property ownership in the region—while the remaining 49% is maintained in highly liquid holdings.
Within these liquid assets, investors exhibited a balance between seeking returns and maintaining accessible funds. Half of the liquid wealth is channeled into various investment products, indicating an active market participation. The remaining portion is kept in traditional cash and bank deposits, suggesting a preference for substantial financial cushioning and immediate availability.
Understanding Wealth Accumulation Timelines
The analysis also charted the speed at which this cohort accumulated their wealth. Respondents reported achieving their first HK$1 million in net wealth at a relatively early mean age of 34. Interestingly, the primary drivers for this initial financial breakthrough were equity investments and mutual funds, indicating that the early stages of their financial journeys were frequently market-driven.
The importance of property as a foundational asset was also confirmed: the average age for a first home purchase was 33, slightly preceding the millionaire milestone. This timeline solidifies the essential role of property ownership in the long-term wealth creation cycle for Hong Kong residents.
The Growing Focus on Intergenerational Wealth Transfer
A notable trend emerged among those on the path to becoming ultra-high-net-worth individuals (defined in the report as “pre-ultra-high-net-worth”). This segment demonstrated a much higher emphasis on legacy and succession planning compared to their peers.
Close to 46% of these individuals prioritize establishing readily transferable assets for intergenerational purposes. This focus significantly outpaces the 31% to 32% emphasis seen among the HNWIs with foundational net worth (HK$10 million minimum) and those holding multi-million levels of liquid assets.
Furthermore, concrete steps towards succession are already underway for nearly 29% of the pre-ultra-wealthy segment. They favor straightforward instruments to safeguard and pass on assets:
- Life Insurance: Utilized by 59%.
- Wills: Formalized by 53%.
- Family Trusts: Employed by 16% for complex asset shielding and management.
The expansion of Hong Kong’s high-net-worth population reflects the enduring strength of the city’s financial sector and its capacity to generate significant wealth. As this affluent base matures, expert focus is shifting away from mere accumulation toward sophisticated asset preservation and the efficient transfer of wealth across generations. This heightened priority on succession planning is set to influence the demand for specialized legal and financial advisory services in the coming years.