According to the report, there are 211,275 ultra-high-net-worth individuals (net worth exceeding 30 million USD) worldwide. Hong Kong accounts for 3,335 of them, ranking 13th globally. The number has increased by 155 compared to last year, holding a total of 590 billion USD in assets, with the average assets held increasing by 7% from last year to 178 million USD. When calculated by population proportion, the concentration of wealthy individuals in Hong Kong is close to the highest in the world. The report points out that as of June this year, more than 460 out of every 1 million Hong Kong residents are ultra-high-net-worth individuals, the third highest density in the world, second only to Luxembourg and Switzerland, and the proportion is 20 times higher than the global average. In addition, the proportion of female wealthy individuals in Hong Kong is about 25%, the highest in Asia.
Regarding the increase in ultra-high-net-worth individuals in Hong Kong, Pu Yonghao, Chief Investment Officer for North Asia at UBS Wealth Management, analyzed that the life in Hong Kong environment is relatively better and the flow is more liberal, which can attract more wealthy people to Hong Kong, including those from the mainland. He believes that the number of ultra-high-net-worth individuals will continue to increase, but the growth rate may slow down, mainly because Hong Kong's economy has already developed and matured, lacking the rise of new industries. He expects that the "Shanghai-Hong Kong Stock Connect" and offshore RMB business will provide opportunities for the financial industry, which has a greater chance of producing ultra-high-net-worth individuals than other traditional industries. Lu Caiyun, Head of Greater China at UBS Wealth Management, mentioned that the new generation of wealthy individuals generally has an open attitude toward investment and is very interested in investing in overseas markets, especially in purchasing overseas real estate, which is why the number of wealthy individuals is increasing rapidly.
It is worth mentioning that the wealth of Hong Kong's ultra-high-net-worth individuals spans multiple generations, with nearly 45% of them having some of their wealth derived from inheritance. In terms of industry proportion, nearly 10% of the wealth comes from the real estate industry, which is higher than in other countries and regions.
Furthermore, the UBS report mentioned that whether the growth rate of Hong Kong's ultra-high-net-worth individuals can be maintained depends on mainland policies. As for the mainland, the ultra-high-net-worth population is the fifth largest in the world, with 91% of individuals' wealth coming from self-made efforts. Pu Yonghao predicts that as the mainland economy slows down, the number of self-made ultra-high-net-worth individuals will decrease, especially those from the real estate and construction industries, while the number of individuals from new economies such as the internet and technology may increase.