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Hong Kong has overtaken Switzerland for the first time in cross-border wealth management, according to a study by the Boston Consulting Group published on Wednesday. Based on the volume of foreign capital under management in 2025, there were US$2.95 trillion of overseas assets in Hong Kong compared with US$2.946 trillion in Switzerland. The study said Hong Kong's greater volume – up 10.7 percent on the previous year – was driven by inflows from the Chinese mainland, strong IPO activity, and equity market gains. Switzerland saw a 7.6-percent increase in the same period. Cross-border wealth flows intensified in 2025 despite geopolitical tensions and trade uncertainties, increasing by 8.4 percent to reach US$15.7 trillion worldwide, as investors sought to diversify their assets. "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 co-author of the study, from BCG in Zurich. "Hong Kong's rise reflects the growing gravitational pull of Asian wealth and capital markets." The report further projects that, from 2025 to 2030, the cross-boundary wealth managed by Hong Kong will grow by 9 percent on average annually and maintain first place globally. Switzerland, though, remains a key financial centre, offering stability and neutrality in an uncertain geopolitical context, the study said. Financial Secretary Paul Chan noted that the national 15th Five-Year Plan "clearly supports Hong Kong in strengthening its functions as an international asset and wealth management centre". He added that accelerating demand for asset and wealth management in the Mainland and Asia is expected to open up greater room for development for Hong Kong's asset and wealth management sector. Secretary for Financial Services and the Treasury, Christopher Hui, said the administration would strive to reinforce Hong Kong's competitive advantages as a leadinga sset and wealth management centre. "While global economic gravity shifts eastward, geopolitical tensions further highlight Hong Kong's role as a safe harbour, reflecting Hong Kong's appeal as an international financial centre," Hui said. (RTHK/AFP) Edited by Cecil Wong
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