Hong Kong's multimillionaire population – those with over HK$10 million ( US$1.28 million ) in total net assets and at least HK$1 million in liquid assets – is estimated to have increased to 395,000 as of the second quarter of 2025, representing around 7% of the total adult population ( aged 21 to 79 ), according to a new study.

Their median net asset value stood at HK$20.5 million, while their median liquid asset value was HK$10 million, Citi says in the 21st edition of its Hong Kong Affluent Study.

The average age at which these multimillionaires made their first million was 34, with stocks and funds being their major investment tools. On average, they bought their first home at the age of 33.

Their assets are evenly distributed between liquid assets ( 49% ) and properties ( 51% ). Among their liquid assets, 50% were investment products, and the other half comprised cash and deposits.

Angela Shing, head of wealth continuum and productivity at Citi Hong Kong, highlights the sophisticated approach to investments and intergenerational wealth transfer among the ultra-affluent.

“We are seeing a clear pivot towards active wealth management and diversification beyond traditional assets. We also observe a stronger focus on legacy planning and securing the financial future of the next generation," she says.

Diversified portfolio

For the first time, the study provides insights into the financial behaviours, goals, and legacy planning of Hong Kong's emerging centimillionaires, or those with HK$50 million in median liquid asset value.

The emerging centimillionaires have a more balanced and diversified portfolio, according to the study, with a higher proportion invested in funds, bonds, and other assets, including structured products, compared to the multimillion-liquid affluent ( those with HK$15 million in median liquid asset value ) and million-liquid affluent ( those with HK$6.5 million in median liquid asset value ).

Also, interest in overseas property is observed to grow with one’s wealth, increasing from 12% for the million-liquid affluent, to 23% for the multimillion-liquid affluent, and reaching 35% for the emerging centimillionaires. This indicates a more globalized and geographically balanced property strategy as wealth accumulates.

Meanwhile, a significant 46% of the emerging centimillionaires prioritize building transferable assets to be passed down, compared to 31-32% in the other two affluent tiers, highlighting a stronger emphasis on intergenerational wealth transfer.

The emerging centimillionaires are also relatively more proactive in legacy planning, with 29% having already taken action. They are more likely to utilize more tools, such as life insurance ( 59% ) and wills ( 53% ). Beyond these vehicles, 16% of the emerging centimillionaires have opted for family trusts to safeguard and transfer their wealth.

When it comes to expectations in children, financial independence, excelling in wealth, and career liberation are the top three among parents across all three tiers, indicating a universal desire for their children's self-sufficiency and financial stability.