A recent report released by Boston Consulting Group shows that Hong Kong has surpassed Switzerland to become the world's largest cross-border wealth management center, about two years ahead of previous market expectations. Financial industry insiders believe that the change in rankings reflects a restructuring of the global wealth landscape, and Hong Kong is at the center of this transformation, able to maintain its "magnetic attraction" effect on cross-border wealth with its unique advantages.
According to the Boston Consulting Group's 2026 Global Wealth Report, due to wealth growth from mainland China, a wave of new stock listings, and a thriving stock market, the scale of cross-border wealth managed in Hong Kong increased by 10.7% last year, reaching $2.95 trillion, surpassing Switzerland for the first time. The report expects that by 2030, the wealth managed in Hong Kong will grow by about 9% annually, higher than Switzerland's 6% growth rate, indicating that Hong Kong is likely to maintain its leading position.
Several industry insiders told reporters that Hong Kong's wealth management business has been steadily developing in recent years, gradually forming a "magnetic attraction" effect on global funds.
Liu Yang, Associate Professor of Finance at the School of Economics and Management of the University of Hong Kong, stated that the changing global geopolitical environment has strengthened Hong Kong's relative advantage. High net worth individuals are increasingly inclined to diversify their assets across multiple jurisdictions, and in recent years, many Asian clients have returned their wealth to Hong Kong.
The active capital market in Hong Kong provides optimistic expectations for asset appreciation for wealth management clients. Industry insiders have revealed that in the past two years, Hong Kong, mainland China, and even the entire Asian stock market have performed well, driving a significant increase in assets already allocated to wealth management platforms in Hong Kong. The Hong Kong IPO market has remained strong since last year, with a large number of companies listing and issuing shares in Hong Kong, bringing new asset allocation demands to founders and shareholders.
Hong Kong's free, open, transparent, and predictable economic policies, stable and secure investment environment, cross market connectivity advantages, as well as rich investment products and risk management tools are what make funds reluctant to leave once they arrive.
Deloitte China Tax and Business Consulting Hong Kong Managing Partner Liu Mingyang told reporters that in recent years, Hong Kong has continuously improved tax incentives for funds and family offices to strengthen its international wealth management hub function, and introduced optimization measures for the new capital investor entry plan. Compared with other international financial centers, high net worth individuals in Hong Kong can enjoy greater policy flexibility and higher efficiency in asset allocation.
The "Hong Kong Family Office Market Research" commissioned by the Hong Kong Special Administrative Region Government's Investment Promotion Agency shows that by the end of 2025, there will be over 3380 single family offices operating in Hong Kong, an increase of about 680 in two years, an increase of over 25%. In addition, since its launch in March 2024, the "New Capital Investment Entrant Program" has continued to be favored by high net worth individuals worldwide. As of the end of April 2026, Invest Hong Kong has received nearly 3600 applications, all of which are expected to bring approximately HKD 108 billion in investment to Hong Kong.
In terms of investment product selection, the Hong Kong Private Wealth Management Association told reporters that with the rise of market volatility and geopolitical uncertainty, high net worth clients are paying more attention to portfolio resilience, and their interest in asset classes such as alternative investments, digital assets, gold, commodities, and high-end art has increased. In recent years, the SAR government has actively promoted the international gold trading market, high-end art trading hub, digital asset market infrastructure, and expanded the scope of eligible investments, all of which have helped to respond to the demand of private wealth clients for more diversified allocation tools.
The "magnetic attraction" effect of Hong Kong on cross-border wealth is also reflected in the positive interaction between "capital enterprise market". According to Xu Zhengyu, Secretary for Financial Services and the Treasury of the Special Administrative Region Government, family offices and high net worth individuals are not only asset managers, but also active investors whose asset allocation needs nourish the capital market like living water. The increase in financial activity further attracts high-quality enterprises to list and raise funds in Hong Kong, promoting the sustained growth of the financial market.
Liu Mingyang said that after some overseas clients set up family offices in Hong Kong, more family members also came to live in Hong Kong to help manage family affairs, and the business map of family businesses in Hong Kong also expanded as a result. He stated that in the future, more emphasis will be placed on encouraging family office clients to establish their family businesses in Hong Kong, and even set up regional headquarters in Hong Kong, in order to create more wealth and promote Hong Kong's economic development.
Industry insiders have found that with the sweeping waves of artificial intelligence, advanced manufacturing, digital economy, and green transformation, Asian companies are standing at the forefront of a new round of technological and industrial upgrading, which will generate a large amount of entrepreneurial wealth and family wealth. On the other hand, the largest wealth transfer in modern history will occur in the next 20 to 30 years, with up to $83 trillion of private wealth being passed down across generations worldwide. The proper management of these riches requires support from financial centers with sound systems, robust rule of law, and high levels of internationalization.
Hong Kong is firmly standing at this historical intersection. Liu Yang believes that Hong Kong has the potential to radiate a broader market. By attracting wealth inflows from emerging markets such as Southeast Asia, South Asia, and the Middle East, Hong Kong will further solidify its position as a leading global wealth management center.