Hong Kong’s millionaire density trails only mainland China: report

It noted Hong Kong as having one of the highest millionaire densities in the world, second only to mainland China.

Hong Kong’s adult population holds a combined US$3.9t in wealth, outpacing regional rival Singapore (US$2.3t) and placing the city among the world’s top wealth centres, according to a new report released by Quinlan & Associates and Allfunds.

The report, which analyses the state of Asia’s wealth management industry, highlighted Hong Kong as having one of the highest millionaire densities in the world, second only to mainland China.

This wealth concentration presents a significant but underexploited opportunity for financial institutions and independent financial advisors (IFAs), particularly in the mass affluent and high-net-worth (HNW) segments.

Despite the substantial size of its wealth pool, Hong Kong’s advisory coverage remains limited. Many investors, especially those below the ultra-high-net-worth threshold, are still underserved, as private bankers and traditional advisors are stretched thin.

According to the report, some relationship managers in Hong Kong handle portfolios for as many as 400 to 500 clients, impacting the quality of advice and limiting personalisation.

The report also pointed to strong digital adoption among Hong Kong investors, with 93% of individuals holding over US$100,000 in investable assets actively using digital platforms for wealth management.

Investor behaviour in Hong Kong skews toward self-directed investment models, and financial institutions are responding by prioritising direct-to-consumer (D2C) digital channels and standalone WealthTech partnerships over full-service integration.

As regulatory scrutiny increases and client expectations evolve, the authors noted the Hong Kong market is ripe for digital transformation — particularly in combining automated advice with targeted, human-led support.