The number of high net-worth individuals in Hong Kong grew 18.8 per cent to 67,500 last year from 2003.
The data came from a report by Merrill Lynch and the Capgemini Group on world wealth.
But Merrill Lynch analysts warn Hong Kong's wealth creation is likely to slow this year.
High net-worth individuals are defined as having at least US$1 million of financial assets, excluding their primary homes.
'Hong Kong enjoyed its second year of robust economic growth, and both the property and stock markets continued to rebound. Over the past two years, Hong Kong has seen an almost 50 per cent increase in the number of wealthy people,' said Tan Cheong Soon, Merrill Lynch Global Private Client managing director for greater China.
But the rise in the number of wealthy individuals would slow this year because of weaker gross domestic product growth and an expected downturn in the residential property market, Merrill Lynch analyst Stephen Corry warned.