Hong Kong overtakes Switzerland as top offshore wealth hub

[HONG KONG] Hong Kong has narrowly overtaken Switzerland to become the world’s largest cross-border wealth hub, driven by an influx of mainland Chinese capital and a resurgent local equity market.

Offshore assets booked in the Asian city in 2025 rose 10.7 per cent to US$2.9 trillion, Boston Consulting Group’s (BCG) 2026 Global Wealth Report showed.

BCG forecast that Asia’s rapid wealth accumulation will widen the gap between Hong Kong and Switzerland to nearly US$600 billion by 2030, bolstered by China’s manufacturing dominance and a revival in Hong Kong’s initial public offering market.

The shift comes as global private fortunes expand at their fastest clip since 2021, defying tariffs and macroeconomic instability to reach a total of US$333 trillion.

While Hong Kong and Singapore form an expanding ecosystem serving Asian capital, Switzerland, the United States and the United Kingdom remain the primary conduits for European, Middle Eastern and Latin American wealth.

“We are seeing wealth creation, cross-border capital flows and investment ecosystems increasingly concentrate into a smaller number of globally connected hubs,” said Michael Kahlich, a BCG managing director and partner and co-author of the report. “Hong Kong’s rise reflects the growing gravitational pull of Asian wealth and capital markets.”

This wealth surge has directly supercharged Hong Kong’s family office ecosystem. Single family offices grew 25 per cent from 2023, reaching 3,384 by the end of last year. A government-commissioned Deloitte survey revealed that each manages at least US$10 million, with more than 1,000 overseeing US$100 million or more.

To reclaim its allure after years of pandemic restrictions and political shifts, Hong Kong is aggressively pitching its low taxes, deep talent pool and booming capital markets to the global elite.

The strategy is working: Geopolitical tensions, including instability in the Middle East, are prompting the ultra-wealthy to diversify into Asia.

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Secretary for Financial Services and the Treasury Christopher Hui has said that, to sustain this momentum, the government plans to extend tax concessions to more asset classes, noting a distinct rise in Middle Eastern attendees at the city’s recent wealth summits. BLOOMBERG