Hong Kong has bypassed Switzerland as number one in global wealth management. (Photo: AFP)
ZURICH - Though Hong Kong has overtaken Switzerland as the number one in cross-border wealth management, rather than enter panic mode, Swiss banks seem unruffled — feeling it bolsters the case against looming tighter banking regulations.Hong Kong is now the world’s largest cross-border booking centre thanks to inflows from mainland China, strong initial public offering activity, and equity market gains, said a study published last week by the Boston Consulting Group (BCG).
Hong Kong had $2.95 trillion worth of cross-border assets under management in 2025, while Switzerland had $2.95 trillion.
Rapid advances in technology innovation and artificial intelligence sectors are “expected to open up greater scope for development within Hong Kong’s asset and wealth management industry”, said Paul Chan, Financial Secretary the semi-autonomous Chinese city.
More than 60% of the external capital comes from mainland China, the BCG 2026 Global Wealth Report said, adding that Hong Kong was “cementing its role as China’s gateway to global markets”.
