Hong Kong recorded explosive growth in its population of ultra-wealthy residents last year thanks to an equity-market revival, real estate and investment reforms, and rising demand for wealth-management services, according to a recent study.

The city’s headcount of ultra-high-net-worth (UHNW) individuals – defined as those with net assets exceeding US$30 million – expanded by more than a quarter in 2025 on a year-on-year basis, rising 26.4 per cent to nearly 18,300 according to Altrata.

The New York-headquartered data company revealed its findings in the 14th edition of its World Ultra Wealth Report, released on Tuesday.

In the city-based ranking of UHNW cohorts by absolute size, Hong Kong came in second behind New York, which had 23,785 residents meeting the standard, up 16.9 per cent from 2024. Los Angeles ranked third with 12,995.

“Hong Kong has experienced a recent resurgence in cross-border wealth inflows and its UHNW population expanded by a robust 26 per cent in 2025 – to 18,290 individuals,” Altrata said in the report.

With more than 7.5 million people living in Hong Kong, one in 412 residents was estimated to have a net worth of more than US$30 million, based on the South China Morning Post’s calculations. The city’s affluent set was found to hold a total net worth of US$2.1 trillion.

“Ultra-wealth trends were buoyed by an equity-market revival [driven by deepening integration with mainland Chinese capital flows], real estate and investment reforms, and increased regional demand for sophisticated wealth-management services,” Altrata added.