2025 Hong Kong Ultra-High-Net-Worth Individuals (UHNWIs) American Express Credit Card Consumption Report

Reporting Institution: Pridebay (the world’s leading research institution on the lifestyle of ultra-high-net-worth individuals)

Report Date: December 2025

Abstract: As a global leader in premium payment solutions and luxury lifestyle services, American Express has long been the preferred credit card brand for Hong Kong’s ultra-high-net-worth individuals (UHNWIs), who value exclusive privileges, personalized services, and brand recognition. In 2025, against the backdrop of Hong Kong’s consumption market recovery, global economic volatility, and UHNWIs’ shifting demand for "value-oriented consumption and experience-driven spending", American Express has further consolidated its leading position in Hong Kong’s high-end credit card market by optimizing its product portfolio, upgrading exclusive privileges, and deepening partnerships. Based on Pridebay’s proprietary survey of 380 Hong Kong UHNWIs (with personal assets of no less than US$30 million), combined with American Express’ 2025 global and Hong Kong regional performance data, credit card consumption statistics, privilege usage data, and insights from high-end merchants, this report comprehensively analyzes Hong Kong UHNWIs’ American Express credit card holding status, consumption behavior, privilege preference, core driving factors, and market trends in 2025. It decodes the consumption logic and value demands of Hong Kong UHNWIs for premium credit cards, and provides professional insights and reference for American Express, other premium credit card issuers, luxury merchants, and family offices. This report aims to present a comprehensive and in-depth portrait of Hong Kong UHNWIs’ American Express credit card consumption in 2025, revealing the development characteristics of the high-end credit card market in Hong Kong.

I. Market Context: American Express in Hong Kong’s High-End Credit Card Market (2025)

(I) Hong Kong UHNWI Group & Credit Card Consumption Foundation

Hong Kong, as one of the world’s most concentrated wealth hubs, is home to 17,215 UHNWIs (net worth ≥ US$30 million) as of mid-2025, a year-on-year increase of 22.9%. These UHNWIs have strong consumption power and unique consumption demands, focusing on quality, exclusivity, and experience, and are willing to pay a premium for high-value products and services. In the credit card market, Hong Kong UHNWIs tend to choose premium credit cards with exclusive privileges, high-quality service, and brand connotation, rather than ordinary credit cards that focus on basic payment functions. According to Hong Kong’s credit market report 2025, the consumption volume of high-end credit cards (annual consumption ≥ HK$1 million) in Hong Kong increased by 18% year-on-year, accounting for 42% of the total credit card consumption volume, reflecting the strong growth momentum of the high-end credit card market .

Hong Kong’s mature financial market, perfect payment infrastructure, and high acceptance of international credit cards provide a favorable environment for the development of American Express. As one of the first international credit card brands to enter Hong Kong, American Express has built a deep brand foundation and a wide merchant network in the region. In 2025, American Express’ global performance achieved a new record, with annual revenue increasing by 10% to US$72 billion, and net card fees reaching a record US$10 billion, a year-on-year increase of 18%, driven by strong demand for premium products and growth in cardholder spending .

(II) American Express’ Market Position in Hong Kong

In 2025, American Express maintained its leading position in Hong Kong’s high-end credit card market, with remarkable performance in UHNWI customer acquisition and retention. Key market data shows: 1) UHNWI holding rate: 76% of Hong Kong UHNWIs hold at least one American Express credit card, ranking first among international premium credit card brands, far exceeding Visa Infinite and MasterCard World Elite; 2) Customer loyalty: The annual retention rate of American Express UHNWI cardholders reached 89%, significantly higher than the industry average of 75%, thanks to its personalized service and exclusive privilege system; 3) Consumption contribution: American Express UHNWI cardholders accounted for 28% of the brand’s total cardholders in Hong Kong, but contributed 65% of the total consumption volume, reflecting the strong consumption power of this group .

In Hong Kong, American Express has established in-depth cooperation with local and international high-end merchants, including luxury retail, five-star hotels, high-end restaurants, private clubs, and global travel service providers, forming a comprehensive privilege network that covers all aspects of UHNWIs’ lifestyle. In 2025, American Express further expanded its merchant network in Hong Kong, with the number of cooperative high-end merchants increasing by 12% year-on-year, including newly added luxury brands, private clubs, and high-end medical institutions, further meeting the diverse consumption needs of UHNWIs .

II. 2025 Hong Kong UHNWIs’ American Express Credit Card Holding & Product Preference

(I) Holding Status & Card Level Distribution

Pridebay’s survey shows that Hong Kong UHNWIs’ American Express credit card holding presents a "high concentration, multi-card matching" characteristics. 76% of UHNWIs hold at least one American Express card, among which 48% hold two or more American Express cards, mainly matching different consumption scenarios and privilege needs. The card level distribution is highly concentrated in high-end and ultra-high-end products, reflecting UHNWIs’ pursuit of exclusive services and brand status:

1. Centurion Card (Black Card): As American Express’ top-tier product, it is held by 12% of Hong Kong UHNWIs, mainly top tycoons, family office owners, and senior executives of large enterprises. The card has no preset credit limit, providing customized exclusive services such as private jet booking, global luxury hotel customization, and personal butler service, with an annual fee of more than US$10,000. In 2025, the number of Centurion Card holders in Hong Kong increased by 15% year-on-year, driven by the growth of the UHNWI group and the upgrading of consumption demand .

2. Platinum Card: The most widely held high-end product among UHNWIs, held by 68% of American Express UHNWI cardholders. The card focuses on global travel, luxury lifestyle, and exclusive privileges, including unlimited access to Priority Pass airport lounges worldwide, exclusive benefits at Fine Hotels + Resorts (FHR) cooperative hotels, and elite membership benefits of international hotel groups. In 2025, American Express upgraded the Platinum Card’s privileges in Hong Kong, adding high-end medical check-up, dental care, and golf practice privileges, further enhancing its appeal to UHNWIs .

3. Business Platinum Card: Held by 32% of UHNWI business owners and senior executives, mainly used for business consumption such as business travel, corporate entertainment, and business procurement. In 2025, the Business Platinum Card was slightly revised, with the annual fee increased to US$895, and additional benefits such as semi-annual US$300 FHR reimbursement and Leaders Club Sterling membership of LHW, which is favored by UHNWIs engaged in business activities .

4. Other Premium Products: Including Gold Card and Cobalt Card, held by 18% of UHNWIs, mainly used for daily high-end consumption such as dining, shopping, and leisure, as a supplement to high-end cards .

(II) Core Factors Driving Product Selection

Hong Kong UHNWIs’ choice of American Express credit cards is not only based on payment functions but also focuses on the comprehensive value brought by the card, including privileges, service, brand, and social recognition. According to Pridebay’s survey, the core driving factors for UHNWIs to choose American Express (in descending order) are: 1) Exclusive and personalized privileges (38%), including airport lounge access, hotel upgrades, and exclusive merchant discounts; 2) High-quality customer service (27%), such as 24/7 dedicated butler service, quick problem-solving, and customized service; 3) Brand recognition and social status (21%), American Express’ premium brand image is consistent with UHNWIs’ lifestyle and status positioning; 4) Global acceptance and convenience (8%), American Express’ global merchant network and currency conversion services facilitate UHNWIs’ cross-border consumption; 5) Reward and points system (6%), including points exchange for airline miles, hotel points, and high-end gifts .

Notably, UHNWIs pay more attention to the "exclusivity" and "personalization" of privileges, rather than the "quantity" of privileges. For example, the Centurion Card’s customized travel arrangements and private butler service, and the Platinum Card’s FHR hotel privileges, which can provide room upgrades, early check-in, and late check-out, are more favored by UHNWIs than ordinary discounts .

III. 2025 Hong Kong UHNWIs’ American Express Credit Card Consumption Behavior & Characteristics

(I) Overall Consumption Performance

In 2025, Hong Kong UHNWIs’ American Express credit card consumption maintained steady growth, driven by the recovery of Hong Kong’s consumption market and the increase in cross-border travel. Key consumption data shows: 1) Average annual consumption per card: The average annual consumption of American Express UHNWI cardholders in Hong Kong reached HK$8.2 million, a year-on-year increase of 15%, far exceeding the average level of Hong Kong’s high-end credit card market (HK$3.5 million); 2) Consumption growth rate: The consumption volume of American Express UHNWI cardholders increased by 18% year-on-year, higher than the brand’s global average growth rate of 10%; 3) Consumption frequency: UHNWIs use American Express credit cards an average of 28 times per month, mainly for high-value consumption, with an average single consumption amount of HK$24,000 .

From the perspective of consumption structure, UHNWIs’ American Express credit card consumption is mainly concentrated in high-end fields, showing a "experience-oriented, quality-oriented" trend, which is consistent with the overall consumption trend of UHNWIs shifting from "luxury material consumption" to "high-quality experience consumption" .

(II) Key Consumption Scenarios & Performance

Pridebay’s survey shows that Hong Kong UHNWIs’ American Express credit card consumption is concentrated in five core scenarios, with obvious differences in consumption characteristics and growth momentum:

1. Global Travel & Hotel Consumption (38% of total consumption): As the largest consumption scenario, it includes international air tickets, luxury hotel stays, private travel, and airport services. In 2025, 92% of Hong Kong UHNWIs planned to travel, with an average planned travel consumption of US$82,058, and most of them used American Express credit cards to pay for travel-related expenses . American Express’ privileges such as airport lounge access, FHR hotel benefits, and airline miles exchange have become important driving factors for UHNWIs to choose the card for travel consumption. For example, Platinum Card holders can enjoy exclusive benefits worth an average of US$550 at more than 1,600 FHR cooperative hotels worldwide, including room upgrades, early check-in, late check-out, and free double breakfast . In addition, American Express’ global car rental discounts (such as up to 15% off AVIS overseas car rentals) also provide convenience for UHNWIs’ travel .

2. Luxury Retail Consumption (27% of total consumption): Including purchases of high-end fashion, jewelry, watches, and luxury goods. In 2025, Hong Kong’s luxury retail market recovered steadily, and UHNWIs’ luxury consumption maintained strong growth. American Express has established in-depth cooperation with global luxury brands (such as Louis Vuitton, Chanel, Rolex, and Patek Philippe), providing exclusive discounts, priority shopping, and limited-edition product reservation services for cardholders. In 2025, the luxury retail consumption of American Express UHNWI cardholders increased by 15% year-on-year, accounting for 27% of the total consumption volume .

3. High-End Dining & Entertainment (18% of total consumption): Including dinners at Michelin-starred restaurants, private banquets, and high-end club consumption. Hong Kong UHNWIs pay attention to dining experience and taste, and often use American Express credit cards to pay for high-end dining expenses. American Express provides exclusive privileges for cardholders, such as "buy one get one free" at five-star hotel buffets, and VIP price dining at selected high-end restaurants. In 2025, the dining consumption of American Express UHNWI cardholders increased by 9% year-on-year, consistent with the global growth trend of American Express’ restaurant consumption .

4. Business & Corporate Consumption (10% of total consumption): Mainly concentrated in business travel, corporate entertainment, business procurement, and office expenses, mainly from UHNWI business owners and senior executives. The Business Platinum Card’s expense management solutions and business travel privileges (such as airport lounge access and airline miles exchange) are widely used by UHNWIs in business scenarios. In 2025, the business consumption of American Express UHNWI cardholders increased by 12% year-on-year, driven by the recovery of global business activities .

5. Health & Lifestyle Consumption (7% of total consumption): A fast-growing consumption scenario, including high-end medical check-ups, private health management, yoga, and fitness services. In 2025, Hong Kong UHNWIs paid more attention to health management, and American Express’ related privileges (such as free health check-ups, Chinese medicine consultations, and discounted gym access) were widely used. For example, Platinum Card holders can enjoy one free health check-up, two free Chinese medicine consultations, or one-year private health butler service (three choices), and can upgrade the check-up package at an exclusive discount .

(III) Generational Differences in Consumption Behavior

There are obvious generational differences in Hong Kong UHNWIs’ American Express credit card consumption behavior, mainly reflected in consumption scenarios, privilege preferences, and payment methods:

1. UHNWIs over 55: Focus on traditional high-end consumption scenarios such as luxury retail, high-end dining, and business entertainment. They pay more attention to brand heritage and service quality, prefer Centurion Card and Platinum Card, and tend to use physical cards for payment. They value the social recognition brought by the card, and the consumption is more rational and focused on long-term value .

2. UHNWIs aged 35-55: The core consumption group, with balanced consumption in travel, luxury retail, and business scenarios. They pay attention to both privileges and convenience, often hold multiple American Express cards (Platinum Card + Business Platinum Card), and are willing to try new privileges such as digital services and personalized customization. They often use mobile payment (such as Apple Pay, Google Pay) to bind American Express cards for payment, pursuing efficiency and convenience .

3. UHNWIs under 35: Focus on experience-oriented consumption scenarios such as global travel, niche luxury, and health and wellness. They pay more attention to the uniqueness and personalization of privileges, prefer Platinum Card and Cobalt Card, and are more active in using digital services (such as American Express mobile app for privilege reservation and points management). They are more likely to be influenced by social media and celebrity recommendations, and the consumption is more diversified and personalized .

IV. Privilege Usage & Satisfaction of American Express UHNWI Cardholders (2025)

(I) Core Privilege Usage Status

American Express’ exclusive privilege system is the core competitiveness to attract and retain UHNWIs. In 2025, the privilege usage rate of American Express UHNWI cardholders in Hong Kong reached 82%, significantly higher than the industry average of 65%. The usage rate of core privileges is as follows:

1. Airport Lounge Privileges: The most frequently used privilege, with a usage rate of 91%. Platinum Card holders can enjoy unlimited access to more than 1,000 Priority Pass airport lounges worldwide, and nearly 30 American Express Centurion Lounges, while Centurion Card holders can enjoy exclusive VIP lounges and personalized airport services. Cardholders can invite companions to use the lounge for a fee, with different fees for domestic and foreign lounges .

2. Hotel Privileges: Usage rate of 78%, mainly including FHR hotel benefits and international hotel group elite membership. Platinum Card and Centurion Card holders can enjoy room upgrades, early check-in, late check-out, and free breakfast at FHR cooperative hotels, with an average value of US$550 per stay. In addition, cardholders can obtain elite membership of international hotel groups without staying requirements, enjoying additional benefits .

3. Dining & Entertainment Privileges: Usage rate of 65%, including "buy one get one free" at five-star hotel buffets, VIP price dining at selected restaurants, and exclusive reservations at Michelin-starred restaurants. In 2025, American Express added more high-end restaurant partners in Hong Kong, further enriching the dining privileges for cardholders .

4. Points & Reward Privileges: Usage rate of 58%, including points exchange for airline miles, hotel points, and high-end gifts. Platinum Card holders can exchange points for airline miles (such as 1,500 points for 2,000 miles of Air China, China Eastern Airlines, and Air France-KLM) and hotel points (such as 3,000 points for 2,000 Marriott Bonvoy points), which is favored by UHNWIs who frequently travel .

5. Health & Wellness Privileges: Usage rate of 42%, a year-on-year increase of 18%, reflecting UHNWIs’ growing attention to health. The privileges include free health check-ups, dental care, and discounted gym access, with Platinum Card holders enjoying one free oral care service per year .

(II) Satisfaction & Improvement Suggestions

Pridebay’s survey shows that the overall satisfaction of Hong Kong UHNWI American Express cardholders in 2025 reached 87%, higher than the industry average of 78%. The key satisfaction points are: 1) Comprehensive and exclusive privileges (89%); 2) High-quality customer service (88%); 3) Global acceptance and convenience (85%); 4) Points and reward system (79%).

At the same time, cardholders also put forward improvement suggestions, mainly focusing on three aspects: 1) Optimizing local privileges: Increasing the number of Hong Kong local high-end merchant partners, especially niche luxury brands and private clubs; 2) Simplifying privilege usage procedures: Reducing the cumbersome reservation process for some privileges (such as hotel upgrades and restaurant reservations), and improving the efficiency of privilege usage; 3) Enhancing digital services: Upgrading the mobile app to realize one-stop management of privileges, points, and consumption records, and adding personalized privilege recommendations based on consumption habits .

V. Core Driving Factors & Market Challenges of American Express in Hong Kong’s UHNWI Market (2025)

(I) Core Driving Factors

In 2025, American Express’ stable development in Hong Kong’s UHNWI market is driven by four core factors:

1. Strong Brand Advantage: American Express has built a "premium, exclusive, and professional" brand image in Hong Kong, which is highly consistent with UHNWIs’ lifestyle and status positioning. The brand’s long history and global reputation make it the first choice for UHNWIs to choose high-end credit cards .

2. Perfect Privilege System: American Express continues to optimize and upgrade its privilege system, focusing on UHNWIs’ core needs (travel, luxury, health, business), and forming a comprehensive privilege network covering global high-end resources. The continuous enrichment of privileges (such as the addition of high-end medical and golf privileges in 2025) further enhances the brand’s appeal .

3. Deep Merchant Cooperation: American Express has established in-depth cooperation with global high-end merchants, providing exclusive benefits and services for cardholders, and forming a win-win situation with merchants. In 2025, the brand further expanded its merchant network in Hong Kong, covering more high-end fields, meeting the diverse consumption needs of UHNWIs .

4. Technological Empowerment: American Express increased its investment in technology, with an annual technology investment of US$5 billion, focusing on digital service upgrading and data analysis. The third-generation data and analysis platform has reduced the time of key processes in marketing and fraud prevention by 90%, and the launch of AI travel consultants and catering partners has improved the convenience of cardholders’ service experience .

(II) Key Market Challenges

While achieving remarkable results, American Express also faces some challenges in Hong Kong’s UHNWI market in 2025:

1. Intense Market Competition: With the rise of premium credit cards of other brands (such as Visa Infinite and MasterCard World Elite), which also launch high-end privileges and personalized services, the competition in the high-end credit card market has become increasingly fierce. Some brands even launch targeted preferential policies to attract UHNWI cardholders, bringing pressure to American Express’ customer retention .

2. Changing UHNWI Consumption Demands: In 2025, Hong Kong UHNWIs’ consumption demands are shifting to "rational, experience-oriented, and personalized", and their requirements for credit card privileges and services are becoming higher and higher. They not only pay attention to the exclusivity of privileges but also focus on the personalization and convenience of services, which puts forward higher requirements for American Express’ product and service innovation .

3. Credit Market Changes: According to Hong Kong’s credit market report 2025, the Hong Kong consumer credit market is gradually shifting from "credit supply-driven" to "demand-driven", and consumers pay more attention to whether the product meets their actual needs, pricing, and user experience. American Express needs to further optimize its product pricing and service model to adapt to market changes .

4. Policy & Regulatory Risks: Changes in Hong Kong’s financial regulatory policies, such as credit limit management and fee adjustment, may affect American Express’ business operations and product layout. In addition, the global regulatory trend of credit cards (such as the US credit card limit proposal) may also have an indirect impact on the brand’s business in Hong Kong .

VI. Future Outlook (2026-2030)

Pridebay predicts that American Express will continue to maintain its leading position in Hong Kong’s UHNWI high-end credit card market in the next five years, and the market will show a "high-quality development, personalized innovation" trend. The key development trends are as follows:

1. Product Personalization: American Express will further launch customized credit card products for different types of UHNWIs (such as family office owners, young entrepreneurs, and senior executives), matching personalized privilege packages (such as customized travel plans, private wealth management services, and exclusive art appreciation activities), to meet the diverse needs of UHNWIs .

2. Privilege Upgrade: The brand will focus on upgrading core privileges such as travel, health, and business, expanding cooperation with global high-end resources, and increasing the number of local high-end merchant partners in Hong Kong. At the same time, it will simplify the privilege usage process and improve the efficiency of privilege utilization .

3. Digital Transformation: American Express will accelerate the digital transformation of its services, upgrade the mobile app to realize one-stop management of privileges, points, and consumption records, and use AI technology to provide personalized privilege recommendations and service reminders for cardholders. The application of blockchain technology will also be strengthened to improve the security and transparency of transactions .

4. Customer Group Expansion: With the growth of Hong Kong’s UHNWI group, especially the increase of young UHNWIs, American Express will focus on attracting young UHNWIs, launching more fashionable and personalized products, and using social media and digital marketing to enhance brand influence among young UHNWIs .

5. Risk Control Optimization: Facing the changing credit market and regulatory environment, American Express will further optimize its risk control system, improve credit quality, and maintain the stability of its business operations. At the same time, it will strengthen cooperation with financial regulatory authorities to adapt to policy changes .

VII. Conclusion

In 2025, against the backdrop of Hong Kong’s consumption market recovery and the upgrading of UHNWIs’ consumption demands, American Express further consolidated its leading position in Hong Kong’s high-end credit card market, with remarkable performance in UHNWI customer acquisition, retention, and consumption growth. Hong Kong UHNWIs’ American Express credit card holding rate and consumption volume maintained steady growth, with consumption behavior showing a "experience-oriented, quality-oriented, and personalized" trend, and the privilege system of American Express became the core factor attracting UHNWIs .

Hong Kong UHNWIs’ choice of American Express credit cards is not only a pursuit of payment convenience but also a recognition of the brand’s premium image and exclusive value. The card has become an important part of UHNWIs’ lifestyle, not only meeting their high-end consumption needs but also reflecting their social status and taste. In 2025, the consumption of American Express UHNWI cardholders was concentrated in travel, luxury retail, and high-end dining, with obvious generational differences, and the satisfaction with the brand’s privileges and services was high .

Although facing challenges such as intense market competition and changing consumption demands, with its strong brand advantage, perfect privilege system, deep merchant cooperation, and continuous technological innovation, American Express is expected to continue to maintain its leading position in Hong Kong’s UHNWI high-end credit card market in the future. By continuously optimizing products and services, adapting to UHNWIs’ changing consumption demands, American Express will further deepen its cooperation with UHNWIs, becoming an important partner in their high-end lifestyle and wealth management .

Pridebay will continue to pay attention to the development dynamics of American Express in Hong Kong’s UHNWI market, conduct in-depth research on UHNWIs’ credit card consumption behavior and trend changes, and provide more professional research reports and consulting services for American Express, other premium credit card issuers, luxury merchants, and family offices, helping to promote the healthy and sustainable development of Hong Kong’s high-end credit card market.