Hong Kong has overtaken Switzerland as the world’s largest cross-border wealth hub, driven by an initial public offering (IPO) bonanza and capital inflows from mainland China, according to Boston Consulting Group (BCG).Cross-border wealth booked in Hong Kong climbed 10.7 per cent in 2025 to US$2.95 trillion, narrowly beating Switzerland’s US$2.94 trillion after rising 7.6 per cent last year, the international consultancy said in its latest global wealth report released on Wednesday.“These shifts are reshaping the geography of global wealth,” said Michael Kahlich, a managing director at BCG and a co-author of the report. “Hong Kong’s rise reflects the growing gravitational pull of Asian wealth and capital markets.”He added that cross-border capital flows had concentrated into a smaller number of globally connected hubs.BCG’s finding represented an endorsement of Hong Kong’s “superconnector” role as a vital link between mainland and international capital markets.Over the past three years, Hong Kong Exchanges and Clearing (HKEX) has deregulated equity financing, debt financing and commodity trading to facilitate cross-border investment and trading, aiming to build a multi-asset platform consolidating Hong Kong’s status as an international finance hub.An IPO boom has helped Hong Kong become the world’s largest cross-border wealth hub. Photo: Jelly Tse