Hong Kong’s UHNW population soars

While mainland China’s ultra-wealthy population grew a modest 3.5% YoY in the first half of 2025, Hong Kong’s surged ahead, expanding 22.9%, the highest growth rate among the world’s top wealth markets, according to Altrata’s new “World Ultra Wealth Report 2025.” The city’s 17,215 ultra-high-net-worth individuals (UHNWI), each holding fortunes exceeding $30 million, now comprise 3.4% of the global UHNW population of 510,810 individuals. IPO boom fuels fortune creation The catalyst? Hong Kong emerged as the world’s most active IPO venue in 2025, bucking a downturn in listings the preceding year. The city attracted the most IPO listings of any global exchange in the first half of the year, with projections of 90-100 offerings raising over HK$200 billion ($25.7 billion) by year-end. September alone saw 23 mainland biotech and healthcare companies file listing applications, and consumer brands piled in. Chando Global Holdings, China’s third-largest beauty group, filed in September with L’Oréal as a strategic investor; Forest Cabin skincare firm and fast-fashion giant Shein both eyed listings; and Chery Automobile raised $1.2 billion in a strong September debut. “In the midst of global tensions stoked by U.S. trade policies, Hong Kong’s role as the bridge between the East and the West is more important than ever,” writes Louis Lau, Partner and Head of Hong Kong Capital Markets Group at KPMG China in a note. “While other global IPO markets have slowed, Hong Kong is showing significant growth driven by A+H and high-tech listings. We remain highly optimistic about the outlook for Hong Kong’s IPO market for this year and beyond.” Diamantina Leong, PwC Hong Kong Capital Markets Services Partner, adds that “the high level of liquidity in Hong Kong’s banking system is creating favorable conditions for corporate listings and fundraising. Many large-cap companies listed on the A-share market, as well as those planning to spin off their China operations, are looking to list in Hong Kong.” This IPO boom directly generates ultra-wealthy individuals — company founders cashing out, pre-IPO investors reaping returns, and financial professionals facilitating deals. Real estate reforms and equity market gains, particularly from mainland Chinese secondary listings, further fueled wealth creation in what remains Asia’s premier financial gateway. Mainland slowdown highlights the divide The contrast with mainland China is stark. Despite ranking second globally with 52,020 ultra-wealthy individuals, China faces structural headwinds from U.S. trade tensions and weakening domestic demand. Shanghai, the mainland’s financial center, ranks only 25th among global cities for ultra-wealthy concentration. Capital increasingly flows through Hong Kong rather than domestic exchanges because of the city’s regulatory framework and global market access. For luxury brands and wealth managers, the implications are significant. The global ultra-wealthy account for $290 billion in annual luxury goods spending, 21% of all individual luxury consumption, according to Altrata. As Chinese beauty brands, automotive manufacturers, and tech companies continue seeking international investors, Hong Kong’s role as the nexus between Chinese entrepreneurship and global capital markets has rarely been stronger, even as its parent market navigates challenging headwinds.

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Hong Kong’s UHNW population soars