Hong Kong’s rich grow richer as stock boom lifts multimillionaires’ wealth, Citi says
News Summary
The number of affluent Hong Kong residents, defined as those 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 2025, according to a Citibank Hong Kong study. This growth was largely propelled by a stock market boom, which partly offset the effects of a gradually recovering property sector. Citi’s Hong Kong Affluent Study indicated that the population of multimillionaires initially dropped from 408,000 in June 2023 to 310,000 by the end of 2023, before rebounding to an estimated 390,000 by the end of 2024 and reaching 395,000 by mid-2025. Angela Shing Ching-man, head of wealth continuum and productivity at Citi Hong Kong, attributed the faster growth in 2024 to the post-Covid recovery, with 2025 seeing steadier growth. She also highlighted a clear shift among the wealthy towards active wealth management and diversification beyond traditional assets.
Background
Hong Kong, a preeminent global financial hub, sees its economic health and wealth dynamics closely scrutinized. In recent years, Hong Kong's economy has navigated multiple challenges, including geopolitical tensions, a global economic slowdown, and post-pandemic adjustments in its property market. Real estate has historically been a significant wealth driver for Hong Kong residents, while stock market performance also substantially impacts the accumulation of wealth among high-net-worth individuals. Citibank Hong Kong regularly publishes its “Hong Kong Affluent Study,” which surveys local residents to provide insights into the size, composition, and investment preferences of the affluent class. This study serves as a key indicator for assessing Hong Kong's wealth status and economic confidence.
In-Depth AI Insights
What are the true underlying drivers behind the increase in Hong Kong's affluent population? - While a stock market boom and slow property recovery are cited, the deeper driver might be a global capital reallocation towards Asia, specifically Hong Kong, as a key financial node in Greater China. Amid escalating global geopolitical uncertainties and the Trump administration's continued “America First” policies, international capital seeking diversification and more stable growth regions may be re-evaluating and flowing into Hong Kong's markets. - Furthermore, the trend of affluent individuals