The Global Wealth Report 2025 released by UBS on Wednesday reveals that in Hong Kong the median wealth per adult — an indicator of trends among middle-class earners — reached $222,015 last year, an increase of 2.1 percent year-on-year, placing the city in fourth place globally in terms of its median wealth per adult.

In the higher-income tiers, the city’s average wealth per adult increased by 1.5 percent to $601,195 last year, after adjusting for inflation. The average wealth per adult in Hong Kong ranked third among 56 markets worldwide, trailing only the US and Switzerland, with financial assets representing over two-thirds of total gross wealth.

Globally, total personal wealth increased by 4.6 percent in 2024. North America — top in the average wealth ranking — registered a year-on-year wealth growth of 11.98 percent, and the average wealth per adult reached $593,347.

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Millionaires worldwide increased by 1.2 percent in 2024, a jump of more than 684,000 compared with the year before.

Hong Kong is home to 647,000 millionaires, accounting for over 10 percent of the city’s adult population.

The report projects that the number of global millionaires will have grown by 5.34 million by 2029, exceeding 65 million.

Paul Donovan, chief economist at UBS Global Wealth Management, said that the global economy is undergoing significant structural changes, leading to new wealth growth characteristics; for example, tech entrepreneurs and social media content creators are accumulating wealth rapidly by seizing opportunities.

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UBS expects global wealth to continue to grow over the next five years, led by North America and China.