Hong Kong overtakes Switzerland as top wealth hub

Hong Kong has surpassed Switzerland to become the world’s largest hub for cross-border wealth management, according to a new industry report. The shift, driven by significant inflows of mainland Chinese capital and a strong local equity market, marks the first time the Asian financial center has overtaken the traditional European safe haven.

The Boston Consulting Group’s 2026 Global Wealth Report, published on Wednesday, states that offshore assets booked in Hong Kong grew by 10.7 percent in 2025 to reach $2.95 trillion. This narrowly exceeded the $2.94 trillion managed in Switzerland, which saw a 7.6 percent increase. The study attributes Hong Kong’s rise to wealth creation in mainland China, robust initial public offering activity, and gains in the stock market.

Globally, cross-border private wealth grew by 8.4 percent last year to reach $15.7 trillion, accelerating despite geopolitical tensions and trade uncertainties. The report notes that wealth creation and capital flows are increasingly concentrating in a smaller number of globally connected hubs.

Michael Kahlich, a co-author of the report, said the development reflects the growing gravitational pull of Asian wealth and...