Top 10 Cities for Ultra-Wealthy: Two from Asia Make the List

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Hong Kong and Tokyo Highlight Ultra-Wealthy Trends in Global Cities

Hong Kong and Tokyo stand out as the only two Asian cities included in a global ranking of the 10 cities with the highest number of ultra-high-net-worth (UHNW) residents. As of June 2025, Hong Kong ranks second globally in terms of UHNW population, with 17,215 residents each possessing more than US$30 million in net worth. This represents an 11.5% year-on-year increase and a 22.9% rise since the start of the year, according to the World Ultra Wealth Report 2025 by wealth intelligence firm Altrata.

The growth in Hong Kong’s UHNW population has been particularly notable, with the city experiencing the fastest expansion among major UHNW markets. This surge is attributed to real estate reforms and strong equity performance. Additionally, the financial sector has benefited from an influx of mainland Chinese firms seeking listings on the Hong Kong Stock Exchange.

In the first half of 2025, initial public offering (IPO) valuations surged roughly eightfold to $14 billion, as reported by CNBC. This indicates a robust environment for capital raising and investor confidence in the region.

Tokyo Faces Challenges in Maintaining UHNW Growth

In contrast, Tokyo saw its UHNW population slightly decline to 6,940. This decrease was influenced by several factors, including strong inflation, political uncertainty, real estate pressures, and exporters’ exposure to increasingly protectionist U.S. trade policies. Despite this dip, Tokyo still holds the sixth position in the global ranking.

The rest of the top 10 cities in the list are all located in the United States. New York leads the list with 21,380 UHNW residents, followed by Los Angeles, San Francisco, and Chicago. The U.S. not only dominates the list of leading cities but also accounts for 38% of the global UHNW population.

Global UHNW Population and Wealth Trends

According to the report, approximately 510,810 individuals worldwide qualify as UHNWIs, collectively controlling $59.8 trillion in wealth. These individuals have demonstrated significant spending power, with a combined expenditure of $290 billion on luxury goods in the previous year. Transportation accounted for the largest share of this spending.

Luxury brands have increasingly focused their strategies on targeting the wealthiest customers. Companies that cater specifically to this group have generally outperformed those with broader market reach, as noted in the report.

Future Projections and Economic Outlook

Despite ongoing economic uncertainties and other disruptive forces, Altrata anticipates steady growth in the global UHNW population and its collective wealth over the next five years. The firm projects that the number of ultra-wealthy individuals will reach 676,970 by 2030, representing a 32.5% increase from mid-2025.

This forecast highlights the resilience of high-net-worth individuals and their continued influence on global economic trends. As cities like Hong Kong and Tokyo navigate challenges and opportunities, they remain key players in the evolving landscape of global wealth distribution.

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