Hong Kong Overtakes Switzerland to Become World's Largest Cross-Border Wealth Management Hub

Hong Kong surpassed Switzerland to become the world's largest center for cross-border wealth management, with assets under management reaching an estimated $2.95 trillion in 2025, according to a new report by Boston Consulting Group (BCG).

The report, cited by Chinese state media and carried by Xinhua News Agency, showed that wealth assets managed in Hong Kong grew by 10.7% over the past year, underscoring the territory's rising influence in global private banking and asset management.

Analysts attributed the strong growth to several factors, including sustained capital inflows from mainland China, a resurgence in equity market activity, and a robust performance in stock valuations. The findings highlight the increasing attractiveness of Asian capital markets and the region's expanding role in global wealth creation.

BCG projects that Hong Kong's wealth management industry will continue its rapid expansion, forecasting annual growth of approximately 9% through the end of the decade. Under this scenario, assets under management could reach $4.6 trillion by 2030.

The milestone marks a significant achievement for Hong Kong as it seeks to strengthen its position as a leading international financial center amid intensifying competition among global wealth management hubs.

Speaking on the sector's prospects, Financial Secretary Paul Chan Mo-po said China's 15th Five-Year Plan reaffirmed support for Hong Kong's efforts to enhance its role as an international asset and wealth management center. He described the industry as a key pillar of the territory's broader financial development strategy.

Chan noted that Hong Kong continues to capitalize on its unique advantages under the "One Country, Two Systems" framework, including its open-market policies, transparent regulatory environment, predictable legal system, and strong connectivity with international markets.

These advantages have helped attract a growing number of ultra-high-net-worth individuals and family offices seeking a stable base for investment and wealth preservation in Asia.

Official statistics showed that the number of single-family offices operating in Hong Kong exceeded 3,380 by the end of 2025, representing growth of more than 25% over the past two years.

Investor interest in the territory also remains strong. By the end of April 2026, Hong Kong authorities had received nearly 3,600 applications under the New Capital Investment Entrant Scheme, a program designed to attract wealthy international investors. The applications are expected to bring approximately HK$108 billion (US$13.8 billion) in fresh capital into the local economy.