The Hong Kong Special Administrative Region’s adult population held an average wealth of about $648,000 as of the end of 2025, ranking the city as the fourth richest among 56 major markets across the world, according to the UBS Global Wealth Report 2026 released on Tuesday.
The city was overtaken by Luxembourg in average wealth per adult, with the latest report estimating the latter’s figure at $654,732. Switzerland and the United States maintained their first and second positions, with average wealth per adult of $910,382 and $696,277, respectively.
However, Hong Kong’s average wealth per adult was $47,072, or roughly 7.8 percent, higher than the estimate in last year’s report. The city also ranked sixth in median wealth per adult, at around $188,000.
The investment bank said last year was “an extraordinary year” for global wealth, as it grew at its fastest pace since 2017, marking the third consecutive year of expansion. Personal wealth rose by over 10 percent, driven by strong financial markets and a notable increase in non-financial assets, which usually include real estate, land, and commodities.
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Amy Lo Choi-wan, chairman of UBS Global Wealth Management Asia, and head and chief executive of UBS Hong Kong, noted that the Asia-Pacific continues to play a pivotal role in global wealth creation. She said the region accounted for around one-third of global wealth and recorded nearly 6 percent growth in total personal wealth in 2025.
Lo also highlighted robust growth in the number of high-net-worth individuals in the HKSAR and the Chinese mainland.
According to the report, the global number of US dollar millionaires reached a record high in 2025, with an increase of 1.5 percent, equivalent to nearly one million new millionaires created worldwide.
Hong Kong accounted for 1,891 new US dollar millionaires last year, bringing its overall millionaire population to 628,000. Approximately one out of every ten residents in the SAR has $1 million or more, placing it third in density of millionaires after Luxemburg and Switzerland.
Meanwhile, the Chinese mainland added more than 14,000 millionaires last year, and saw the biggest increase in the number of high-net-worth individuals and their collective wealth.
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Asked whether the recent performance of mainland and Hong Kong equity markets could affect the number of millionaires, or even widen the gap with the US – which has more than 23 million US dollar millionaires – James Mazeau, an economist at UBS Global Wealth Management, said he does not expect a reversal of China’s momentum in the coming years.
“About the creation of millionaires in China and how it is linked to the stock markets or the technology industry, I think it could play a role, but it’s not just this. And I think we need to understand that China is also a big economic powerhouse; it’s the second-largest economy,” he said.
“We are also to expect a rising share of millionaires with time, just as we’re seeing it in the US. So we are not expecting a sharp reversal there either, or less millionaires being created in China in the years to come.”
Contact the writer at gabylin@chinadailyhk.com