Mainland Chinese billionaires strengthened their hold as the richest in the Asia-Pacific after their combined fortunes rose to nearly $1.8 trillion, with electric vehicle (EV) maker BYD founder Wang Chuanfu and the heads of bubble tea chain Mixue among the biggest drivers of the growth, according to a UBS report.
Buoyed by a booming technology sector and rising asset prices, the wealth of mainland Chinese billionaires rose 22.2 percent year-on-year to $1.77 trillion in the 12 months to early April, according to the report released Thursday.
With 70 new entrants, the number of billionaires in mainland China 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 benefit greatly from the AI trend and technological developments,” said Lo. “China’s policy focus on increasing quality through innovation and technology localization is expected to support the entire industry and its founders.”
A Mixue store in Hong Kong. Brothers Zhang Hongchao and Zhang Hongfu joined the ultra-rich club after Mixue raised $444 million from a Hong Kong stock sale in March. Photo: Xiaohongshu alt=A Mixue store in Hong Kong. Brothers Zhang Hongchao and Zhang Hongfu joined the ultra-rich club after Mixue raised $444 million from a Hong Kong stock 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] The market reflects this trend – technology firms have 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 had a combined wealth of $328 billion, up $2 billion from last year.
Wang and Lu Xiangyang, the founders of BYD – the world’s largest electric vehicle maker by units sold – posted the second-highest wealth gain in the tech sector, after SpaceX founder Elon Musk, who topped the list.
Brothers Zhang Hongchao and Zhang Hongfu joined the ultra-rich club after Mixue raised $444 million from a Hong Kong stock sale in March. Shares are up more than 56% to $416.60 since debuting.
Hong Kong-based Hao Tang, a pre-listing investor in marketing software and games company AppLovin, has benefited from the sharp appreciation in AppLovin’s US-traded share price, which has nearly doubled this year.
The Chinese market showed the most volatility in the region, with 24 people falling below the $1 billion mark and two dying during the period, the report said.
UBS estimated that heirs in mainland China, Hong Kong and Taiwan should inherit at least US$407 billion over the next 15 years. Hong Kong heirs were estimated to receive the largest share, $180.4 billion, while those in mainland cities such as Beijing and Shanghai could inherit at least $135.3 billion.
From left: Eva Lee, head of Greater China equities at UBS global wealth management chief investment officer, Amy Lo, CEO of UBS Hong Kong and Jamee Wong, head of private clients, Greater China, UBS global wealth management. Photo: Julie Zhang alt=From left: Eva Lee, head of Greater China equities at UBS global wealth management’s 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, the self-made billionaire’s wealth reached a record US$15.8 trillion in 2025, up 13% year-on-year, marking the biggest annual increase since 2021.
The wealth of American billionaires reached 6.9 trillion dollars, an increase of 18% compared to last year. The number of American billionaires increased by 89 to 924, accounting for nearly a third of the global billionaire population. Most of the newly minted billionaires came from the technology sector.
The Swiss bank said the Asia-Pacific region has a higher proportion of self-made female billionaires than others.
More than four in 10 billionaires planned to increase exposure to emerging market stocks in the next 12 months, while a third planned to boost investments in gold and precious metals, UBS said.
Tariffs, geopolitical conflict and political 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.
About 90 percent of Asia-Pacific billionaires have identified technology, especially AI, as the biggest global social challenge for younger generations, according to Eva Lee, head of Greater China equities at UBS global wealth management’s chief investment office. About 54 percent of second-generation billionaires invested in hedge funds, reflecting the experience of the asset class in previous decades, she added.
