ZURICH — Hong Kong has overtaken Switzerland as the top global booking center 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 said Wednesday.Wealth from China and an IPO boom in 2025 helped Hong Kong rise to a $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.00:21Revelers celebrate Hong Kong's century-old ‘bun festival’00:0000:00Both Hong Kong and Singapore are projected to continue growing as cross-border booking centers at around 9% annually through 2030, compared with an expected 6% average in Switzerland over the same period.Cross-border wealth globally grew 8.4% to $15.7 trillion last year, driven by strong markets and more demand for geographical diversification, and it flowed overwhelmingly to the world’s top 10 booking centers, further increasing concentration, BCG added.Despite slower growth rates, Switzerland’s diversification may prove an advantage as it draws clients from all regions, while the Asian hubs depend largely on growth in China, the report added.“Geopolitical uncertainty reaffirms Switzerland’s role as a core global booking center, attracting flight-to-safety flows from more volatile regions such as the Middle East,” BCG said.Wealthy individuals have been looking to shift assets from the Gulf region to Switzerland in the wake of the ongoing Iran war, bankers and financial advisers have told Reuters.“What ultimately matters is client proximity,” said Michael Kahlich, who co-wrote the BCG report, adding that two hubs are forming globally — Singapore and Hong Kong for Asia, and Switzerland, Britain and the United States for the Western region.As being close to clients has become more important, Swiss banks have expanded to other major hubs, Kahlich added. “UBS is number one in wealth management in both Singapore and Hong Kong,” he said.