Hong Kong ranks 3rd globally in ultra-rich homeownership

With over 19,400 ultra-high-net-worth (UHNW) homeowners, Hong Kong ranks behind New York’s 33,222 and Los Angeles’ 19,781, according to a report by U.S.-based group Altrata, which focuses on tracking global affluence.

Wealthy individuals are drawn to Hong Kong for its "cultural heritage, iconic waterfront skyline, low taxation and its regional status as a nexus for financial flows between China and the global economy,’ according to the study’s author Maya Imberg.

Hong Kong stands out among the top-tier global cities for its high UHNW individual density, positioning it as "Asia’s largest wealth center," she added.

Hong Kong’s UHNW individual density is approximately one and a half times that of New York and over twice that of London, the study shows.

Globally, Monaco led in density with one in 22 homeowners classified as ultra-wealthy, followed by Geneva at one in 225.

The report emphasized that Hong Kong is primarily a place for UHNW individuals to maintain their primary residence and conduct business, rather than just for leisure.

"Global luxury real estate markets ebb and flow, impacted by the changing global landscape of wealth as well as more regional-specific factors," th report says, adding that "with Hong Kong a major regional center for wealth, we expect the city to remain a hub for luxury real estate."

In Asia, Singapore ranked eighth with over 9,000 UHNW homeowners, and Beijing was 12th with almost 7,800.

Hong Kong and the U.K. were the primary sources of ultra-wealthy individuals owning secondary homes in Abu Dhabi, an emerging hot spot with over 1,100 UHNW individuals in 2024.

"The ultra-wealthy will often have multiple homes and business interests across various locations," the study says, noting that besides their primary residence, they may own luxury homes in mountainous areas, seaside locations, or near favorite sporting or cultural destinations, or in warmer climates.

On average, UHNW people own three luxury residences, with their global numbers projected to grow by a third to 654,900 by 2030 from 483,500 last year.

The study defined a primary residence as one privately owned, not through a company, where the owner spends most of their time annually, with secondary homes also individually owned.