Mainland China’s population of ultra-high-net-worth individuals (UHNWIs) – those with assets exceeding US$30 million – has grown by 23 per cent over the past five years to 121,677, and is projected to expand a further 18.8 per cent to 144,602 by 2031, according to Knight Frank.

Despite that growth, China’s share of global UHNWIs edged down by one percentage point to 17 per cent this year and was expected to fall further to 15 per cent by 2031, as rapid wealth creation in the United States reshaped the global distribution, the London-based consultancy said in the 20th edition of its annual Wealth Report, released on Thursday.

“China remains the second major pole of wealth creation, although its relative position is easing,” the report said. “In practice, almost every country is losing global market share to accommodate the relentless expansion of US wealth.”

Hong Kong’s UHNWI population, meanwhile, declined by 3.3 per cent to 6,788 compared with 2021, but is forecast to rebound strongly, rising 25 per cent to 8,485 by 2031 – the 19th fastest growth rate globally.

The city continues to gain traction as a family office hub, supported by efforts to streamline regulation and an influx of mainland professionals under new talent visa schemes. Lower income taxes, discounted property and faster set-up times have helped reinforce its appeal.

Globally, the number of UHNWIs rose to 713,626 in 2026 from 551,435 in 2021, equivalent to about 89 people crossing the US$30 million threshold each day.