Hong Kong retains ranking as world’s second-leading billionaire city despite slight decline in numbers

The global population of billionaires reached a record high in 2025, according to the latest Billionaire Census 2026 from wealth intelligence firm Altrata. The number of individuals with a personal net worth of at least US$1 billion rose 8.2% year-on-year to 3,795 — the strongest annual increase in five years. Their combined wealth climbed 12.8% to a new peak of US$15.1 trillion, equivalent to nearly a quarter of the total market capitalisation of the S&P 500.

Hong Kong retained its position as the world’s second-leading billionaire city and the top hub in Asia, even as its billionaire count edged lower. The city was home to 106 billionaires at the end of 2025, two fewer than the previous year. Their collective net worth stood at US$319 billion and continued an upward trend. Altrata attributed the dip in headcount to persistent weakness in the local real estate sector and relatively limited exposure to the AI-driven wealth gains that boosted many other markets.

New York solidified its lead with 164 billionaires, an increase of 12 from the year before — a figure larger than the entire billionaire populations of most countries outside the United States, China and Germany. Other cities in the global top tier included San Francisco, London, Singapore, Los Angeles and Beijing (61 billionaires). Shenzhen and Dubai tied for eighth place with 43 each.

By country, the United States remained dominant with 1,265 billionaires, up 11.5% and accounting for roughly one-third of the global total — more than three times the number in second-placed China (363). Germany recorded the fastest growth among the leading markets, with a 20% rise. Hong Kong ranked eighth among countries and territories with its 106 billionaires.

The AI investment boom was a major driver of the global surge. Among the 150 listed companies that contribute most to billionaire wealth, those with meaningful AI investments saw their market capitalisations grow 23% faster than peers without such exposure over 2024–25. Wealth became more concentrated at the very top: the world’s 29 “superbillionaires” — each worth more than US$50 billion — controlled a combined US$4.1 trillion, or 27% of all billionaire wealth.

Looking ahead, Altrata projects that US$6.6 trillion in billionaire wealth will be transferred to spouses and children over the next decade. The average age of expected adult child heirs is currently 48, and about 23% already work alongside a billionaire parent in the primary family business.

The report underscores both the resilience of established wealth centres such as Hong Kong and New York and the growing influence of technology-driven fortunes in reshaping the global billionaire landscape.