Hong Kong is one of the wealthiest cities on Earth: roughly 18,300 residents had net assets above $30 million in 2025, second only to New York, and about 395,000 residents qualified as millionaires by a local bank survey. Its edge comes from a low-tax, free-trade financial hub that links the world to mainland China, and from the most expensive housing market on the planet.
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| Measure | Figure |
|---|---|
| Residents | About 7.5 million |
| Area | 1,114 square km (430 square miles) |
| Ultra-wealthy residents (above $30 million), 2025 | About 18,300, up 26.4% in a year, 2nd after New York |
| Millionaires (HK$10 million net worth), 2025 | About 395,000, per a bank survey |
| Foreign reserve assets | US$481.6 billion |
| Nominal GDP (2022) | US$359.8 billion |
| Skyscrapers over 150 metres | 554, the most of any city |
Fast facts about Hong Kong
Hong Kong is a special administrative region on China’s southern coast, made up of Hong Kong Island, Kowloon and the New Territories. About 7.5 million people live in 1,114 square kilometres, making it the fourth most densely populated region in the world.
It has the world’s largest number of skyscrapers, with 554 towers taller than 150 metres. Single-family houses are rare, and housing is packed into high-rise towers because of the limited buildable land.
How did Hong Kong become rich?
Hong Kong’s gross domestic product grew 180 times between 1961 and 1997, and per capita GDP rose 87 times in the same period. Its GDP per capita at purchasing power parity ranked twelfth highest globally in 2023.
The recipe was low taxes, free trade, a strong legal system, and a role as the gateway to China. After 1949, skilled migrants and refugees from mainland China gave Hong Kong the labour and entrepreneurs to become the first of the Four Asian Tiger economies to industrialize, in the 1950s.
Why are the rich drawn to Hong Kong?
Hong Kong is a hub for international business with China, and foreigners can own 100% of a business in almost any industry. It is a leading global financial centre, ranked third in the Global Financial Centres Index, with 70 of the world’s top 100 banks operating there.
The city is also tied to China’s growth through plans such as the Greater Bay Area, which links it to mainland cities. For more on where else the rich go, read 15 reasons why the UK is perfect for millionaires.
Real estate in Hong Kong
Hong Kong is the most expensive residential property market in the world. As of June 2021, an average 500 square foot apartment cost HK$9.44 million on Hong Kong Island, HK$8.32 million in Kowloon and HK$7 million in the New Territories, and an average family would need about 20.7 years of saving to afford one. Many of the city’s richest made their fortunes in property.
How wealthy is Hong Kong today?
Hong Kong is classified as a high-income economy with virtually no public debt, and its foreign reserve assets stood at US$481.6 billion. Altrata’s World Ultra Wealth Report puts Hong Kong at nearly 18,300 ultra-wealthy residents in 2025, up 26.4% year on year, the fastest growth among the global top 10 cities after Seoul. New York leads with 23,785, and Los Angeles has about 12,995. A Citi survey estimates about 395,000 millionaires in 2025, roughly 7% of residents aged 21 to 79, with a median net worth of HK$20.5 million. The two surveys use different thresholds, so do not compare them directly.
The flip side is the cost of living, especially housing, and a 2021 data point shows that housing prices doubled since 1997 while real wages were almost unchanged.
Conclusion
Hong Kong is a global wealth magnet: the most skyscrapers, one of the freest business environments, and a very large ultra-wealthy population. If you want to understand business in Asia, the book How Asia Works by Joe Studwell is a good start, and you can sign up at alux.com/freebook to get an audiobook for free through our Audible partnership.
Would you consider starting a business in Hong Kong, or would the high cost of living drive you elsewhere? Tell us in the comments.
Keep reading
- why the UK is perfect for millionaires: another wealth hub, compared
- countries where $1 million lets you live like a king: the opposite of Hong Kong’s cost of living
FAQ
How rich is Hong Kong?
Hong Kong is a high-income economy with GDP of about US$360 billion in 2022 and US$481.6 billion in foreign reserve assets. GDP per capita at purchasing power parity ranked twelfth globally in 2023.
How many millionaires are in Hong Kong?
A Citi survey estimates about 395,000 Hong Kong millionaires in 2025, defined as HK$10 million net worth, roughly 7% of residents aged 21 to 79.
Does Hong Kong have more ultra-rich people than New York?
No longer. Altrata counted nearly 18,300 ultra-wealthy residents in Hong Kong in 2025, second to New York’s 23,785, although Hong Kong’s number grew 26.4% in a year.
Why is Hong Kong so expensive?
Land is scarce and demand is high, making it the most expensive residential property market in the world. An average family would need about 20.7 years of saving for a 500 square foot apartment, per 2021 data.
How did Hong Kong get so wealthy?
Through trade, finance and low taxes, and its role as the gateway to China. It was the first of the Four Asian Tigers to industrialize, in the 1950s.
How we put this list together
Wealth counts depend on the survey, the year and the threshold used, so we cite each one with its definition. Housing figures are dated, and market prices change.
Last updated: October 2026.
