Hong Kong has overtaken Switzerland to become the largest global hub for cross-border wealth management, a move that symbolizes the shift of the axis of wealth management towards Asia.
According to the Boston Consulting Group's (BCG) Global Wealth Report 2026, offshore assets registered in the Asian financial center grew 10.7% in 2025, to US$2.950 trillion. This volume was enough to put Hong Kong slightly ahead of Switzerland, with US$2.946 trillion, historically seen as the leading global destination for international wealth management.
The gap is narrow, but it is likely to widen. BCG projects that the rapid accumulation of wealth in Asia should widen the difference between Hong Kong and Switzerland to almost US$600 billion by 2030, supported by China's industrial strength and the recovery of the IPO market in Hong Kong.
The advance comes at a time of expansion in global private fortunes, which have grown at their strongest pace since 2021, despite trade tariffs and macroeconomic instability. In total, global private wealth reached US$333 trillion.
The main driver of this change is China . The flow of capital from the mainland, combined with the recovery of the local stock market, has reinforced Hong Kong's role as a bridge between Asian fortunes and global markets. Alongside Singapore, the city now forms the main ecosystem for serving Asian capital.
Hong Kong's rise, however, comes with structural tension. The same proximity to mainland China that propelled the city to the top of the ranking also increases its exposure to Beijing's decisions.
Banks in Hong Kong have tightened controls on opening investment accounts for Chinese clients, following a regulatory crackdown on channels used to invest in overseas markets. At the same time, the local regulator has intensified its scrutiny of brokerage firms involved in stock offerings, amid a resurgence of IPOs that has helped bolster the city's appeal as a global financial center.
On the other hand, Switzerland, the United States, and the United Kingdom remain the main channels for wealth from Europe, the Middle East, and Latin America. The competition, therefore, is not just about the volume of assets, but also about geography, proximity to the customer, and the ability to capture wealth where it is being created.
This shift is also reflected in the growth of family offices . In Hong Kong, the number of single-family offices increased by 25% compared to 2023, reaching 3,384 at the end of last year. A Deloitte survey commissioned by the government showed that each manages at least US$10 million, while more than 1,000 have US$100 million or more under management.
And this is the result of policies to more aggressively promote its low taxes, the depth of its talent pool, and the recovery of its capital markets to attract the global elite.
The government has used the absence of capital gains tax and inheritance tax, in addition to tax breaks for family investment vehicles, as part of its strategy to attract family offices.
The effort is beginning to pay off. Geopolitical tensions, including instability in the Middle East, have led ultra-wealthy families to diversify part of their assets into Asia.
Christopher Hui, Hong Kong's Secretary for Financial Services and Treasury, has stated that the government intends to expand tax incentives to more asset classes. He also cited a clear increase in the presence of Middle Eastern investors at recent wealth gatherings hosted by the city.
For Hong Kong, assuming global leadership is confirmation that the financial center has managed to transform its proximity to China into a competitive advantage in the international wealth market.
For Switzerland, however, losing the top spot doesn't mean irrelevance. The country maintains a more diversified customer base and continues to be a symbol of wealth stability.
But the BCG ranking makes it clear that the next stage of growth for large fortunes is increasingly linked to Asia. And Hong Kong has moved to the center of that map.
