Hong Kong Edges Past Switzerland to Claim the Crown in Cross-Border Wealth, and BCG Says the Lead Will Only Widen

HIGHLIGHTS

Hong Kong has surpassed Switzerland for the first time to become the world’s largest cross-border wealth management center, marking a notable shift in the geography of global private wealth and offshore asset management.

According to the latest BCG Global Wealth Report 2026: The Great Reordering, cross-border assets booked in Hong Kong rose 10.7% in 2025 to reach US$2.95 trillion, narrowly exceeding Switzerland’s US$2.94 trillion.

The milestone comes earlier than many market participants had expected. Several international wealth management institutions, including UBS Group AG, had previously projected that Hong Kong could overtake Switzerland around 2027 as Asian wealth accumulation accelerated.

Mainland Capital and Capital Markets Activity Drive Growth

BCG attributed Hong Kong’s rise primarily to sustained mainland China capital inflows, renewed equity-market activity and a stronger IPO environment during 2025. Mainland-related assets now account for roughly 60% of Hong Kong’s cross-border wealth base, reinforcing the city’s role as the principal international wealth gateway for Chinese capital.

The report noted that Hong Kong benefited from a rebound in fundraising activity and gains in major technology-related equities, helping support both private banking activity and broader asset management inflows.

More broadly, BCG argues that global wealth flows are becoming increasingly concentrated in a smaller number of highly connected international booking centers. The top ten cross-border wealth hubs accounted for nearly 90% of new cross-border wealth flows in 2025.

Asia’s Expanding Role in Global Wealth Management

BCG projects Hong Kong’s cross-border assets under management will grow at an annual rate of roughly 9% through 2030, compared with around 6% for Switzerland. Under that scenario, Hong Kong’s offshore wealth pool could expand to approximately US$4.6 trillion by the end of the decade, widening its lead over Switzerland.

The report frames the development as part of a broader global reordering of wealth, driven by the rapid expansion of private capital in Asia, increasing demand for geographical diversification and the emergence of multiple regional wealth-management hubs rather than a single dominant global center.

According to BCG, cross-border wealth globally increased 8.4% in 2025 to approximately US$15.6 trillion, while total global financial wealth rose 10.7% to US$333 trillion, the fastest growth rate since 2021 despite continued geopolitical tensions, tariff disputes and market volatility.

Structural Shift Rather Than a Cyclical Ranking Change

While the ranking change itself was relatively narrow, many analysts view it as reflecting a longer-term shift in wealth creation toward Asia.

BCG noted that proximity to clients is becoming increasingly important in wealth management, with Hong Kong and Singapore emerging as the primary wealth-booking centers for Asia, while Switzerland, the UK and the US continue to anchor Western wealth-management networks.

At the same time, Switzerland remains one of the world’s most diversified and internationally connected private-banking markets, retaining strong appeal for clients seeking political stability, legal certainty and global portfolio diversification.

For global banks, asset managers and family offices, the latest rankings highlight how the center of gravity in cross-border wealth management is increasingly shifting toward Asia, supported by expanding private wealth pools, capital-market development and growing demand for international asset allocation among high-net-worth investors.