A survey by Citibank shows that by 2025, the number of millionaires in Hong Kong will reach 395,000, an increase of 5,000 over last year, accounting for about 7% of the local population aged 21 to 79.
Citi defines 'millionaires' as individuals with a total net worth of more than HK$10 million (RM5.3275 million) and at least HK$1 million (RM532,750) in liquid assets.
Citi’s Hong Kong Millionaire Survey Report 2025 released on the 18th shows that these millionaires have an average age of 55, with men making up 55% and women 47%. The median total net worth is HK$20.5 million (RM10.9215 million), and the median liquid assets is HK$10 million. This group of millionaires, on average, earned their 'first bucket of gold'—that is, accumulated HK$1 million in assets—at age 34, mainly by investing in stocks and funds at that time; on average, they bought their first property at age 33.
According to the report, the wealth distribution among these millionaires is balanced, with liquid assets accounting for 49% and properties for 51%. Within the liquid assets, investment products and cash/deposits each account for half.
In addition, the interest in overseas property among the wealthy rises as their wealth increases.
The report shows that 12% of individuals with a million in liquid assets own overseas properties, compared to 23% among those with ten million in liquid assets, and as high as 35% among near-billionaires. As many as 46% of near-billionaires prioritize the establishment of transferable assets that can be inherited, while the proportion among the other two asset groups is between 31% and 32%.