Hong Kong has surpassed Switzerland to become the world’s leading hub for cross-border wealth, marking the first time the Asian financial centre has taken the top position — a shift that BCG believes is unlikely to reverse as Asia’s wealth hubs continue to expand faster than their European counterpart.
According to Boston Consulting Group’s 2026 Global Wealth Report, Hong Kong’s offshore wealth assets reached US$2.95 trillion, narrowly overtaking Switzerland’s US$2.94 trillion. The milestone was driven by strong capital flows from China and a surge in initial public offerings (IPOs) throughout 2025.
BCG noted that Hong Kong is further strengthening its position as China’s gateway to global financial markets, although its future growth remains closely linked to economic and regulatory developments on the mainland.
The report projects both Hong Kong and Singapore to maintain annual growth rates of around 9% through 2030 as cross-border booking centres, outperforming Switzerland’s expected average growth rate of 6% during the same period.
Globally, cross-border wealth increased 8.4% last year to US$15.7 trillion, supported by strong financial markets and growing demand for geographical diversification. BCG said much of this wealth continues to flow into the world’s top 10 financial hubs, further increasing market concentration.
Despite slower projected growth, Switzerland’s diversified client base across multiple regions remains a strategic advantage. In contrast, Asian financial hubs continue to rely heavily on wealth generation from China.
BCG also highlighted that geopolitical uncertainty continues to reinforce Switzerland’s reputation as a safe-haven destination for global wealth, particularly attracting inflows from volatile regions such as the Middle East. According to bankers and financial advisers cited by Reuters, wealthy individuals from the Gulf region have increasingly shifted assets to Switzerland amid ongoing regional tensions.
Michael Kahlich, co-author of the BCG report, said the global wealth management industry is increasingly being shaped around two major regional clusters: Hong Kong and Singapore serving Asia, while Switzerland, the United Kingdom and the United States dominate the Western market.
Kahlich added that proximity to clients has become a critical factor in wealth management, prompting major Swiss banks to expand their presence in Asia’s leading financial centres. He noted that UBS currently holds the top wealth management position in both Singapore and Hong Kong.