Hong Kong's assets under management climbed 20% to a record $5.4 trillion last year, a sign that the city's prolonged attempt to become a wealth management hub is bearing fruit.The increase was fuelled by a 193% jump in net fund inflows, according to an annual survey by the Securities and Futures Commission published Thursday.The amount overseen by the asset management and fund advisory sector grew 19% to HK$31 trillion. The private banking and wealth management industry did even better, swelling 24% from a year earlier to hit HK$12.9 trillion.Hong Kong has taken numerous steps to attract wealth in recent years, an attempt to rebound after the city lost some of its allure in the wake of political upheavals and the Covid pandemic. It has overtaken Switzerland as the world's largest cross-border wealth hub, driven by an influx of mainland Chinese capital and a resurgent local equity market, according to Boston Consulting Group's 2026 Global Wealth Report.Micron pledges $250 million for Trump Accounts, says US PresidentStill, momentum faces pressure from a shifting regulatory landscape after Chinese authorities rolled out extensive restrictions in May to curb capital outflows from the mainland.Underscoring the recent reliance on Chinese capital, mainland-related firms in Hong Kong saw a 28% increase in assets from asset and wealth management, the survey showed.That was helped by an 80% increase in net fund inflow.