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Hong Kong has emerged as the world's largest cross-boundary wealth management centre, narrowly overtaking Switzerland to the top ranking, as the city benefited from strong capital flows from mainland China and a vibrant stock market featuring robust IPO ( initial public offering ) activity and benchmark-heavy internet platforms, according to a new report.
Officials are confident the special administrative region will maintain the No. 1 position, at least over the next five years, citing solid policy support from Beijing and efforts to further improve the city’s financial structure and tax system.
Cross-boundary wealth in Hong Kong rose 10.7% to US$2.95 trillion in 2025, compared with Switzerland’s 7.6% growth to US$2.94 trillion, Boston Consulting Group ( BCG ) says in its Global Wealth Report 2026. It projects an annual 9% growth for Hong Kong through 2030.
“With mainland flows representing over 60% of assets under management, Hong Kong is cementing its role as China’s gateway to global markets, though that same concentration ties its trajectory tightly to economic and regulatory developments on the mainland,” the report says.
Switzerland, with its client base geared towards Western European markets, has less exposure to the fast-growing market inflows that have powered rivals. This positioning, however, allows the European country to attact flight-to-safety flows from more volatile regions such as the Middle East, BCG says. Growth is expected to average around 6% annually through 2030.
Singapore: most diversified
Singapore is positioned as the most diversified wealth hub in Asia, serving as a neutral conduit between Asian and Western capital markets. “That role has made it a beneficiary of safe-haven flows amid US-China tensions,” the report says.
Regulatory stability, institutional credibility, and a strong wealth management ecosystem have attracted over 2,000 single-family offices to the city-state as well as more than 100 independent wealth management firms.
Its cross-border wealth rose 10.3% to US$2.1 trillion in 2025, with a projected annual growth of 9% over the next five years, BCG says.
Commenting on the BCG report, Hong Kong financial secretary Paul Chan highlights the city's strategic alignment with mainland policy. He notes that China’s 15th Five-Year Plan clearly backs the SAR’s role as an international asset and wealth management hub, which is also a key component of Hong Kong's “Finance +” development strategy.
"Over the past few years, the government has worked closely with the financial sector to continuously improve the financial infrastructure and ecosystem, expand the range of investment products and risk management tools, and deepen the connectivity with capital markets around the world,” Chan says.
"Leveraging the advantages of 'one country, two systems', complemented by free, open, transparent, and predictable economic policies as well as a stable and secure investment environment, and cross-market connectivity, Hong Kong is attracting more and more ultra-high-net-worth individuals and family offices to establish a presence and invest in the city."
Attracting family offices
Secretary for financial services and the treasury Christopher Hui cites the SAR government’s policy statement on developing family office businesses in Hong Kong, which was issued in March 2023.
The government has since implemented various measures to encourage family offices to operate in the city. Such initiatives include providing profits tax concession to family-owned investment holding vehicles managed by eligible single-family offices and introducing the New Capital Investment Entrant Scheme.
"The government will introduce legislative proposals into the Legislative Council next month ( June 2026 ) to further enhance the preferential tax regimes for funds, single-family offices and carried interest, so as to further enhance the competitiveness of the tax regimes, and attract more funds and family offices to set up and operate in Hong Kong," Hui adds.
According to a study commissioned by Invest Hong Kong and published in February 2026, over 3,380 single-family offices were operating in Hong Kong as of end-2025, an increase of more than 25% over the past two years.
