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Millionaires and billionaires
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Billionaire boom: ultra-wealthy ranks in mainland China and Hong Kong regain momentum

Billionaire numbers rise despite slowing growth and a struggling property sector on the mainland

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A view of Victoria Harbour. The billionaire ranks on the mainland and in Hong Kong are back on the rise. Photo: Jelly Tse
Cheryl Arcibal
Mainland China and Hong Kong have gained more billionaires, reversing a decline three years ago, after the world’s second-largest economy unveiled stimulus measures amid slowing growth and a struggling property sector, according to the latest study by Altrata.

The mainland had 321 billionaires as of 2024, rising by 5.6 per cent, to rank second in terms of billionaire population, following the US with 1,135 billionaires, according to the data company. Mainland Chinese billionaires collectively held about US$1.29 trillion in wealth, while their American counterparts had US$5.74 trillion. Germany was third with 184 billionaires.

In 2022, China’s billionaire population shrank by about 11 per cent.

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Hong Kong, meanwhile, ranked eighth on the list of 15 countries and jurisdictions that had the largest number of billionaire residents; its billionaire population grew about 1 per cent to 108, holding US$306 billion in wealth, the study said. In its previous report, Hong Kong’s billionaire population decreased by 1.8 per cent.
Beijing ranks seventh on the list of cities with the most billionaires. Photo: AP
Beijing ranks seventh on the list of cities with the most billionaires. Photo: AP

“Structural headwinds in the Chinese economy and a more protectionist shift by major trading partners [like the US and the European Union] have weighed on billionaire growth in China in recent years, following a protracted period of expansion,” the report said. It noted that portfolios of the ultra-wealthy Chinese had been impacted by the property sector distress, regulatory pressure, softer domestic consumption and volatile capital markets.

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“Technology and e-commerce have remained prominent wealth drivers, however, and cumulative billionaire wealth displayed a firmer trend in 2024 on the back of fiscal stimulus, relative [yuan] appreciation, and extensive state-backed investment in AI-focused technologies and advanced manufacturing,” the report said.
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