Mainland China’s billionaires have tightened their grip as Asia-Pacific’s wealthiest after their combined fortunes swelled to nearly US$1.8 trillion, with electric-vehicle (EV) maker BYD’s founder Wang Chuanfu and bubble tea chain Mixue’s bosses among the biggest drivers of that growth, according to a UBS report.
Backed by a booming tech sector and surging asset prices, the wealth of mainland China’s billionaires jumped 22.2 per cent year on year to US$1.77 trillion in the 12 months to early April, according to the report published on Thursday.
With 70 new entrants, mainland China’s billionaire count rose to 470 from 427 – second only to the United States globally.
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The technology sector is expected to continue to drive wealth creation in the region, said Amy Lo Choi-wan, chairman of UBS global wealth management Asia and CEO of UBS Hong Kong.
“Asia-Pacific markets are broadly benefiting from the artificial intelligence trend and technological developments,” Lo said. “China’s policy focus on quality growth through innovation and tech localisation is expected to support the entire industry and its founders.”
A Mixue shop in Hong Kong. Brothers Zhang Hongchao and Zhang Hongfu have joined the ultra-rich club after Mixue raised US$444 million from its Hong Kong share sale in March. Photo: Xiaohongshu alt=A Mixue shop in Hong Kong. Brothers Zhang Hongchao and Zhang Hongfu have joined the ultra-rich club after Mixue raised US$444 million from its Hong Kong share sale in March. Photo: Xiaohongshu>
She added that Hong Kong “is seeing significant interest from our billionaire clients in new economy companies. The initial public offering [IPO] market reflects this trend – technology firms dominated both recent listings and the pipeline of companies qualified for future IPOs.”
Hong Kong’s billionaire population reached 76 in 2025 after five people joined the list and three dropped out. The city’s ultra-rich held US$328 billion in total wealth, up US$2 billion from last year.
Wang and Lu Xiangyang, founders of BYD – the world’s largest EV maker by units sold – recorded the tech sector’s second-biggest wealth gain after SpaceX founder Elon Musk, who topped the list.
Brothers Zhang Hongchao and Zhang Hongfu joined the ultra-rich club after Mixue raised US$444 million from its Hong Kong share sale in March. The stock has surged more than 56 per cent to HK$416.60 since its debut.
Hong Kong-based Hao Tang, a pre-listing investor in marketing software and games company AppLovin, benefited from the sharp appreciation in AppLovin’s US-traded share price, which nearly doubled this year.
The Chinese market showed the region’s greatest volatility, with 24 people falling below the billion-dollar threshold and two dying during the period, the report said.
UBS estimated that heirs in mainland China, Hong Kong and Taiwan were expected to inherit at least US$407 billion over the next 15 years. Hong Kong-based heirs were projected to receive the largest share, US$180.4 billion, while those in mainland cities like Beijing and Shanghai may inherit at least US$135.3 billion.
From left: Eva Lee, head of Greater China equities at UBS global wealth management chief investment office, Amy Lo, CEO of UBS Hong Kong, and Jamee Wong, head of private client, Greater China, UBS global wealth management. Photo: Julie Zhang alt=From left: Eva Lee, head of Greater China equities at UBS global wealth management chief investment office, Amy Lo, CEO of UBS Hong Kong, and Jamee Wong, head of private client, Greater China, UBS global wealth management. Photo: Julie Zhang>
Globally, self-made billionaire wealth reached a record US$15.8 trillion in 2025, up 13 per cent year on year, marking the highest annual increase since 2021.
The wealth of US billionaires reached US$6.9 trillion, up 18 per cent from a year earlier. The number of US billionaires grew by 89 to 924, accounting for almost a third of the global billionaire population. Most of the newly minted billionaires came from the tech sector.
India’s billionaire wealth totalled US$888.2 billion, while Singapore’s reached US$258.8 billion.
The Swiss bank said the Asia-Pacific region had a higher proportion of female self-made billionaires than others.
More than four in 10 billionaires planned to increase exposure to emerging-market equities over the next 12 months, while one-third intended to boost investment in gold and precious metals, UBS said.
Tariffs, geopolitical conflict and policy uncertainty topped the list of worries for billionaires in the coming year.
The UBS report was based on an online survey of 87 billionaire clients conducted between July 10 and September 25 across 47 markets in Switzerland, Europe, Singapore, Hong Kong and the United States.
Some 90 per cent of Asia-Pacific billionaires identified technology, specifically AI, as the top global social challenge for younger generations, according to Eva Lee, head of Greater China equities at UBS global wealth management chief investment office. Some 54 per cent of second-generation billionaires invested in hedge funds, reflecting asset-class experience from prior decades, she added.
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