According to the latest "Hong Kong Millionaire Survey Report 2025" by Citi Hong Kong, the number of millionaires in Hong Kong is projected to reach 395,000 in 2025, an increase of 5,000 compared to the previous year, accounting for approximately 7% of the local population aged 21 to 79. Citi defines "millionaires" as individuals with a total net worth exceeding HKD 10 million (including primary residence but excluding liabilities such as mortgages) and at least HKD 1 million in liquid assets.

The survey, conducted between December 2024 and January 2025, as well as August to October 2025, interviewed 2,600 Hong Kong residents aged 21 to 79. Findings reveal that the average age of millionaires is 55, with males comprising 55% and females 47%. The median total net worth stands at HKD 20.5 million, while the median liquid assets amount to HKD 10 million.

Citi noted that these millionaires maintain a balanced wealth distribution, with 49% in liquid assets and 51% in property. Among liquid assets, investment products and cash/deposits each account for half. On average, millionaires earned their "first bucket of gold"—accumulating HKD 1 million in assets—at age 34, primarily through investments in stocks and funds. The average age for first-time homeownership was 33.

Cindy Shing, Head of Client Strategy and Sales Management at Citi Hong Kong, stated that the growing millionaire population reflects a shift among the ultra-wealthy toward more sophisticated investment and intergenerational wealth transfer strategies. Wealth management needs now extend beyond traditional assets, emphasizing active management, diversified allocation, and greater focus on legacy planning to secure the financial future of the next generation.