What Is Ultra High Net Worth Hong Kong? A Look Inside The City’S Elite

Hong Kong is a vibrant hub for ultra-high-net-worth individuals (UHNWIs), with a substantial population of wealthy residents. According to Altrata’s World Ultra Wealth Report 2024, Hong Kong boasts 12,546 individuals with a net worth of $30 million or more, solidifying its position as a leading global wealth center. While New York leads the list with 16,630 UHNWIs, Hong Kong’s impressive number underscores its significance as a destination for the world’s affluent. Los Angeles and Tokyo follow closely, with 8,955 and 6,445 UHNWIs respectively.

This strong presence of UHNWIs in Hong Kong is driven by a number of factors. The city’s robust economy, thriving financial sector, and strategic location in Asia make it an attractive destination for entrepreneurs, investors, and business leaders. Hong Kong also offers a favorable tax regime and a stable political environment, further enhancing its appeal to UHNWIs. Additionally, the city’s world-class infrastructure, high-quality education system, and diverse cultural scene provide an exceptional quality of life for its affluent residents.

The presence of UHNWIs contributes significantly to Hong Kong’s economy. They are major investors in real estate, luxury goods, and financial markets, driving economic growth and job creation. Furthermore, their presence attracts international businesses and investment, further bolstering the city’s financial standing.