Hong Kong retained its position as the leading Asian city in billionaire count last year, although mainland Chinese cities are rapidly closing the gap, driven in large part by the surge in wealth generated from the artificial intelligence (AI) sector, according to data from New York-based firm Altrata.
Globally, Hong Kong ranked second in the number of billionaires, trailing only New York. The city’s billionaire population decreased slightly to 106, down by two from the previous year, even as the collective net worth of these billionaires continued to rise. By contrast, New York saw its billionaire headcount grow by 12, reaching 164 individuals during the same period.
Beijing and Shenzhen secured spots among the top 15 cities worldwide, with Beijing hosting 61 billionaires and Shenzhen tied with Dubai for eighth place, each with 43 billionaires. San Francisco, London, Singapore, and Los Angeles ranked third through seventh respectively.
Altrata’s report, published last Thursday, highlights the strongest global expansion in billionaire numbers since 2020. The United States and China remain the only countries with multiple cities in the top 15; however, Asian cities are increasingly prominent on the list. The report attributes much of this growth to the rapid advances and investment surges in AI technology, which is reshaping the billionaire landscape at an unprecedented pace. Paul Sutton, Altrata’s vice-president of sales, noted that wealth is concentrating more rapidly at the upper echelons within this group.
Despite the overall increase in billionaire wealth, Hong Kong and London were the only cities among the top 15 that experienced a decline in billionaire population. Hong Kong’s decline is linked to persistent challenges in its property sector and its relatively limited exposure to wealth creation from the AI boom. Meanwhile, cities like Singapore and Hong Kong have become increasingly attractive destinations for ultra-wealthy individuals relocating from mainland China and India.
Globally, the average billionaire is 71 years old and predominantly male, with men comprising nearly 87 percent of the billionaire population. Sector-wise, banking and finance dominate, accounting for 19.6 percent of billionaires’ wealth origins, more than twice the share held by the second-largest sector, business and consumer services. Personal interests among billionaires prominently include sports, philanthropy, and aviation.
As technological disruption and geopolitical shifts continue to influence global wealth distribution, the AI boom is positioning itself as a critical driver in the evolving profile of the world’s wealthiest individuals.