Beyond the 1-in-14 Statistic: Decoding Hong Kong's Wealth Boom and Its Rivalry with Singapore
- FOFA
- 3 days ago
- 5 min read
1 in Every 14 Hong Kongers Has a Net Worth of Over HK$10 Million
The latest situation regarding Hong Kong's wealthy population: According to the "Hong Kong Multimillionaire Survey Report" released by Citibank in November 2025, the number of individuals in Hong Kong with a net worth of HK$10 million or more has increased to 395,000. This means that for every 14 Hong Kong citizens aged 21 to 79, one is a multimillionaire (14:1).
Here are several key findings based on the latest public data:
Wealth Profile of Multimillionaires
Wealth Composition: Their assets are, on average, evenly distributed between property (51%) and liquid assets (49%). Within liquid assets, half consists of investment products (such as stocks and mutual funds), while the other half is held in cash or deposits.
Path to Wealth: On average, this demographic purchased their first property at the age of 33 and earned their first HK$1 million at the age of 34. Their primary initial investment vehicles were stocks and funds.
Average Age: The average age of these multimillionaires is 55, with males accounting for 55% and females accounting for 47%.
Two Different Metrics for "Hundred-Million Assets"
According to two mainstream reports, the situation is as follows:
Statistical Metric | Latest Data | Source Report |
Metric 1: HKD | Approx. 395,000 people (Net worth ≥ HK$10 million) | Citibank "Hong Kong Multimillionaire Survey Report 2025" |
Metric 2: USD | Approx. 42,700 people (Net worth ≥ US$10 million ≈ HK$78 million) | Knight Frank "The Wealth Report 2025" |
The "42,700 people" cited in the Knight Frank report refers to individuals with a net worth reaching US$10 million (approximately HK$78 million). This threshold is already exceptionally close to the "hundred-million" HKD tier.
Hong Kong vs. Singapore: A Comparison of the Asia-Pacific's Two Major Wealth Management Centers
According to the latest data released by multiple international institutions in 2025, Hong Kong and Singapore—as the two premier wealth management hubs in the Asia-Pacific region—each possess distinct advantages in attracting and clustering wealthy populations. Below is a detailed comparison based on the latest reports:
I. Comparison of the Number of Millionaires (USD)
Comparison Dimension | 🇭🇰 Hong Kong | 🇸🇬 Singapore |
Number of Millionaires (USD) | 154,900 (Henley & Partners) | 242,400 (Henley & Partners) |
Global Ranking | 8th | 4th |
Percentage of Adult Population | Approx. 2.06% (1 in 50) | Approx. 4.01% (1 in 25) |
Wealth Per Capita | US$601,000 (approx. HK$4.72 million), 3rd globally | Lower than Hong Kong (UBS Report) |
📌 Interpretation: Although Hong Kong's total number and proportion of millionaires (in USD) are lower than Singapore's, Hong Kong overtakes Singapore at higher wealth thresholds:
Centi-millionaires (US$100 million): Hong Kong 346 vs. Singapore 333
Billionaires (US$1 billion): Hong Kong 40 vs. Singapore 30
This demonstrates that Hong Kong has a more pronounced clustering effect for top-tier ultra-wealthy individuals.
II. Wealth Inflow Trends Comparison (2019-2024)
Indicator | 🇭🇰 Hong Kong | 🇸🇬 Singapore |
Total Wealth Inflow (6 Years) | US$975 billion (approx. HK$7.6 trillion) | US$765 billion (approx. HK$5.97 trillion) |
Average Annual Wealth Inflow | US$195 billion (approx. HK$1.5 trillion) | US$153 billion (approx. HK$1.19 trillion) |
Proportion from Mainland China | Approx. 70% (US$137 billion/year) | Approx. 42% (US$65 billion/year) |
Net Inflow of Millionaires in 2025 | Projected net inflow of 800 | Projected to drop to 1,600 (3,500 in 2024) |
📌 Interpretation: In terms of total wealth inflow, Hong Kong has surpassed Singapore over the past six years, becoming the Asian city attracting the most wealth. This is primarily driven by Hong Kong's unique positioning as the "gateway to Mainland China"—about 70% of the incoming wealth originates from the Mainland.While Singapore's wealth inflow is smaller in volume, its sources are more diversified (Mainland China accounts for about 42%). However, following Singapore's recent tightening of policies regarding family offices, crypto assets, and investment immigration, its net inflow of millionaires is projected to plummet by 54%.
III. Wealth Management Market Size Comparison
Indicator | 🇭🇰 Hong Kong | 🇸🇬 Singapore |
Total Assets Under Management (AUM) | HK$35.14 trillion (approx. US$4.53 trillion) (As of end-2024) | US$4.44 trillion |
Cross-border Wealth Management Center Ranking | Firmly ranked as the 3rd largest global financial center (1st in APAC) | Ranked 4th |
Number of Family Offices | As of end-2025, the number of Single Family Offices (SFOs) in Hong Kong exceeded 3,380 (specifically 3,384) | - As of end-2024, the number of SFOs in Singapore exceeded 2,000<br>- Growth has slowed following regulatory tightening |
Top Choice for Offshore Investment by HNWIs | 52% of Chinese HNWIs prefer Hong Kong | 40% |
📌 Interpretation: Hong Kong's assets under management exceed HK$35 trillion, and its cross-border wealth management sector is poised to surpass Switzerland to become the world's largest in 2025. Hong Kong's status as the premier destination for offshore investment among Chinese high-net-worth individuals (HNWIs) remains unshaken, with 52% of respondents favoring Hong Kong, leading Singapore's 40%.
IV. Cost of Living Comparison (For Wealthy Individuals)
Indicator | 🇭🇰 Hong Kong | 🇸🇬 Singapore |
Most Expensive City Globally Ranking | 3rd (Julius Baer 2025) | 1st (3 consecutive years) |
📌 Interpretation: Singapore has retained its title as the world's most expensive city for wealthy individuals for three consecutive years, while Hong Kong ranks 3rd. This reflects the continuous escalation of costs in Singapore for premium lifestyle services, private education, and healthcare.
V. Wealth Distribution (Wealth Gap) Comparison
Indicator | 🇭🇰 Hong Kong | 🇸🇬 Singapore |
Gini Coefficient | 0.63 (Severe income disparity) | 0.70 (Even more severe income disparity) |
📌 Interpretation: According to the UBS "Global Wealth Report 2025," wealth inequality is a severe issue in both jurisdictions. Singapore's Gini coefficient (0.70) is slightly higher than Hong Kong's (0.63), indicating a marginally wider wealth gap in Singapore.
VI. Summary of Core Advantages Comparison
Comparison Dimension | 🇭🇰 Hong Kong's Advantages | 🇸🇬 Singapore's Advantages |
Clustering of Top Billionaires | ✅ More billionaires | - |
Pace of Wealth Inflow | ✅ Annual average of US$195 billion, surpassing Singapore | - |
Mainland China Connectivity | ✅ Acts as a gateway to the Mainland under "One Country, Two Systems"; 70% of wealth inflow is from the Mainland | - |
AUM Size | ✅ HK$35 trillion, poised to be the world's largest cross-border wealth management center | - |
Density of Millionaires | - | ✅ 1 millionaire (USD) per 25 people, higher density |
Diversification of Wealth Sources | - | ✅ Higher degree of internationalization, not solely reliant on China |
Policy Stability | ✅ Recently relaxed investment immigration, actively attracting family offices | ⚠️ Recently tightened regulations, leading to a drop in HNWI net inflows |
Cost of Living | ✅ Relatively lower compared to Singapore | - |
VII. Conclusion
Synthesizing the latest data from 2025, the competition between Hong Kong and Singapore in the wealth management arena presents the following dynamics:
Existing Wealth (Number of Millionaires in USD): Singapore leads Hong Kong with approximately 242,000 individuals compared to roughly 155,000, and also boasts a higher density.
Incremental Wealth (Capital Inflow): Hong Kong surpasses Singapore with an average annual inflow of US$195 billion, signaling a strong rebound in Hong Kong's wealth magnetism.
Top-tier Ultra-Wealthy: Hong Kong prevails in the number of billionaires, illustrating a more potent clustering effect for ultra-high-end wealth.
Policy Direction: Hong Kong has recently lowered investment immigration thresholds and actively developed Web3 and family offices, whereas Singapore has tightened its regulatory oversight, prompting some wealthy individuals to "abandon Singapore for Hong Kong."
Market Expectations: Bloomberg Intelligence projects that Hong Kong will surpass Switzerland within 2025 to become the world's largest cross-border wealth management center.
Overall, both hubs have distinct merits in the wealth management sector. Hong Kong is successfully regaining the favor of global billionaires by leveraging its unique connectivity with the Mainland, the vitality of its capital markets (the Hang Seng Index surged 36% in 2025, reclaiming the top spot in IPO fundraising), and a relatively accommodative policy environment. Meanwhile, Singapore continues to secure its position as the Asian city with the highest density of millionaires, underpinned by its political neutrality, tax incentives, and high degree of internationalization.
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