Turkish watch merchant Mustasa Saci, 39, was flying aboard an Emirates flight from Dubai to Hong Kong when the money and valuables were stolen from his carry-on luggage stowed in an overhead compartment.
Hong Kong police said the passenger alerted Emirates airline staff early on Monday, who then called the authorities.
It was understood Saci was seated in economy class and came to Hong Kong for business.
Police said the man had lost two watches, a Rolex and a Patek Philippe, and foreign currency.
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Emirates spokesperson told the BBC that the airline would not be providing further comment, citing the ongoing investigation.
Police were treating the case as theft. So far, no one has been arrested, Hong Kong's South China Morning Post reported.
There have been increasing reports of mid-air thefts around the world, some of which are said to involve organised gangs, the report said.