Hong Kong's rise driven by Chinese assets and IPO boom, as global cross-border wealth grows 8.4% to $15.7 trillion
An evening view of the financial Central district and Victoria Harbour in Hong Kong, China, on May 9, 2023. (Photo: Reuters)
ZURICH — Hong Kong has overtaken Switzerland as the top global booking centre for cross-border wealth, a first that is unlikely to be reversed as hubs in Asia grow faster than the European safe-haven, Boston Consulting Group (BCG) said on Wednesday.Wealth from China and an initial public offering (IPO) boom in 2025 helped Hong Kong rise to a US$2.95 trillion offshore behemoth for the world's rich, narrowly surpassing Switzerland's $2.94 trillion in cross-border wealth, according to BCG's 2026 Global Wealth Report.
"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 authors said.
Both Hong Kong and Singapore are projected to continue growing as cross-border booking centres at around 9% annually through 2030, compared to an expected 6% average in Switzerland over the same period.
