Story perspectives

Hong Kong Tops Switzerland as Wealth Hub, $2.9 T Flow

5/28/2026

Summary

Hong Kong Overtakes Switzerland

Hong Kong overtook Switzerland as the world’s largest cross-border wealth hub in 2025, booking $2.9 trillion, a 10.7 % rise.
Cross-border wealth rose 8.4 % to $15.7 trillion, with the top ten centers capturing almost 90 % of new offshore flows.
BCG identified two hub networks: Hong Kong-Singapore for Asian capital and Switzerland-US-UK for other regions.
Financial Secretary Paul Chan Mo-po said the 15th Five-Year Plan (2026-2030) backs Hong Kong’s “Finance+” asset-management strategy.

Summary

Hong Kong Overtakes

The IPO surge, dubbed an “IPO bonanza,” lifted Hong Kong to the top cross-border wealth-hub rank.
Michael Kahlich, managing director at Boston Consulting Group and report co-author, said the shift reshapes global-wealth geography and shows Asian capital’s growing pull.
In the past three years Hong Kong Exchanges and Clearing deregulated equity, debt and commodity financing to create a multi-asset platform supporting cross-border investment.

Summary

Gulf Clients Relocate

Wealthy Gulf clients are moving assets to Switzerland because the Iran war creates uncertainty, according to bankers and financial advisers.
Swiss banks are expanding in Asian hubs, with UBS leading wealth management in Singapore and Hong Kong.
BCG says client proximity drives Hong Kong’s rise as China’s gateway, while its outlook depends on mainland economic and regulatory changes, creating concentration risk.

Summary

Hong Kong Expands

Single-family offices in Hong Kong grew 25% since 2023, reaching 3,384 by the end of 2025.
A Deloitte survey found each office manages at least $10 million, with more than 1,000 handling $100 million-plus assets.
Secretary for Financial Services and the Treasury Christopher Hui announced tax concessions will be extended to more asset classes.
Middle-Eastern participation at Hong Kong’s wealth summits has risen sharply, reflecting a shift toward Asian diversification amid geopolitical instability.

History

Historical Context

The United Kingdom seized Hong Kong Island in 1842, expanded it in 1860 and leased the New Territories for 99 years in 1898. The 1984 Sino-British Joint Declaration promised to keep Hong Kong’s economic system unchanged, and the 1997 handover instituted the Basic Law guaranteeing free capital flows. With a 1997 population of about 6.5 million, the city has since leveraged that framework to remain a global finance hub.

1 of 5

Hong Kong Overtakes Switzerland

Hong Kong overtook Switzerland as the world’s largest cross-border wealth hub in 2025, booking $2.9 trillion, a 10.7 % rise.
Cross-border wealth rose 8.4 % to $15.7 trillion, with the top ten centers capturing almost 90 % of new offshore flows.
BCG identified two hub networks: Hong Kong-Singapore for Asian capital and Switzerland-US-UK for other regions.
Financial Secretary Paul Chan Mo-po said the 15th Five-Year Plan (2026-2030) backs Hong Kong’s “Finance+” asset-management strategy.

1 / 5