22nd December 2025
With eMPF up and running the system’s annual results will be keenly anticipated
Key points are as follows:
- As 2025 enters its final trading week of the year, MPF Ratings’ MPFR All Fund Performance Index is down approximately -0.64% for December. If the result is maintained it will see MPF achieve an estimated 2025 annual return of 15.35%. (See table 1)
- By MPF Ratings’ estimation, a 15.35% investment return would rank as MPF’s 6th best annual return since the system’s inception 25 years ago and would equate to a 2025 investment gain of $200.9bn, or $41,900 per MPF’s 4.79m members – MPF’s highest ever annual investment gain.
- MPF Ratings estimates that total MPF assets will end 2025 at an all-time record high of approximately $1.535tr, equivalent to an average MPF account balance of $320,253 per MPF’s 4.79m members (up approximately $50,921 since the beginning of 2025).
- MPF’s 2025 unprecedented wealth creation has been built on a very strong year for Hong Kong and China equities, leading to numerous new MPF milestones.(See table 2)
Francis Chung (叢川普), Chairman of MPF Ratings Ltd, Hong Kong’s independent provider of MPF research, views and education today revealed that, despite a possible December loss, he expects MPF to start its 25th anniversary celebrations at all-time highs. According to Mr Chung, MPF is currently on track to generate a December return of -0.64%, and if results remain unchanged in the final week of the year MPF will end 2025 with an investment return of approximately 15.35% which would see the system balloon to $1.535tr in size, generate around $200.9bn in annual earnings, and deliver an average account balance of approximately $320,253 per MPF’s 4.79m members.
Quotes:
In MPF’s 25 years of operation MPF has never recorded $200bn in annual investment earnings
“Until this year, the MPF system had never achieved $200bn in annual investment earnings, it’s a record result built on strong investment gains and cost savings arising from eMPF’s introduction. The collective benefit should see MPF’s 4.79m members start 2026 with a record average account balance of approximately $320,253.”
MPF’s strong annual result has been led by Hong Kong and China equities
“While the world remains fixated by AI and the ‘Magnificent 7’, Hong Kong and China equities have been the foundation for MPF’s best investment results. A 2025 expected annual return of around 30% will see Hong Kong and China equities rank 1st amongst MPF’s asset classes for the first time since 2017.”
Unprecedented MPF member wealth creates numerous new records.
“MPF is set to start its 25th anniversary year in its best-ever shape. Record account balances, eMPF efficiency gains, and strong MPFA leadership focused on ensuring best member outcomes gives MPF Ratings confidence that MPF trustees will continue to deliver value-for-money to MPF members next year.”
Table 1: MPF Ratings’ MPFR Index returns by asset class (as of 17th December 2025)
Source: MPF Ratings
Table 2: MPF’s expected 2025 annual milestones
Source: MPF Ratings
