Citi: Hong Kong’s Multi-Millionaire Population Rises

Wealth continues to be on the rise in Hong Kong with its population of multi-millionaires having increased this year, according to a Citi survey. The number of multi-millionaires in Hong Kong is estimated to reach 395,000 this year, according to the 21st edition of the «Citi Hong Kong Affluent Study 2025», accounting for 7 percent of the city's entire population. The report defines a multimillionaire as an individual with over HK$10 million ($1.3 million) in total net assets and at least HK$1 million in liquid assets. Of those within this segment, they have a median net asset value of HKD$20.5 million and a median liquid asset value of HK$10 million. 51 percent was allocated to properties and 49 percent to liquid assets. Among liquid assets, half was in investment products with the other half in cash and deposits. Emerging Centimillionaires On findings of so-called emerging centi-millionaires – individuals with HKD$50 million in median liquid asset value – the report notes that this group had a relatively more balanced and diversified portfolio, with a higher proportion invested in funds, bonds and other assets, including structured products. There was also greater interest in overseas property (35 percent) and prioritizing assets that are transferable to the next generation (46 percent). 29 percent were proactive in legacy planning with a greater likelihood of using tools like life insurance (59 percent), wills (53 percent) and family trusts (16 percent). «The Citi Hong Kong Affluent 2025 provides invaluable insights, showing an uptick in the multimillionaire population and the sophisticated approach to investments and intergenerational wealth transfer among the ultra-affluent,» said Angela Shing, head of wealth continuum & productivity at Citi Hong Kong.