According to the recent “2024 Billionaire Census” report, Hong Kong, having long been acknowledged as a premier destination for luxury, and its status as a luxury hub, ranks as the second city globally in terms of the number of billionaires.
Furthermore, projections from the Knight Frank Wealth Report 2024 indicate that the city is anticipated to experience a 22.4% increase in ultra-high-net-worth individuals (UHNWI) by 2028, marking the second highest growth rate worldwide.
In line with its luxury legacy, Hong Kong has recently hosted the Leaders of Luxury Summit 2024 – the event that convened prominent figures from the luxury sector to engage in discussions on critical themes that “Redefine Luxury Through a Global Lens” at the Regent Hong Kong from November 26 to 28, 2024.
According to the Chairman of the Hong Kong Tourism Board (HKTB), Dr. Y.K. Pang, the Asia-Pacific region, particularly Mainland China, stands as a significant growth driver for the global luxury market, presenting vast opportunities. It is anticipated that by 2025, China will represent 25% of global luxury sales. For luxury brands, Hong Kong not only acts as an optimal launchpad into this swiftly growing market, providing a platform to engage with sophisticated consumers throughout the region, but it also serves as a compelling attraction for discerning consumers and high-net-worth individuals who embrace a luxury lifestyle.
