Kazakhstan Views Hong Kong as a Vital and Natural Partner, the Interest in Hong Kong is not Short Term

Last month, Airport Authority Hong Kong (AAHK) signed Memorandum of Understanding with Kazakhstan at the Belt and Road Summit, marking a new chapter of aviation connectivity and cooperation between Hong Kong and Kazakhstan.

Bauyrzhan Dosmanbetov, Consul General of the Republic of Kazakhstan to Hong Kong and Macao SAR’s, highlights that this cooperation with AAHK is a milestone not only for tourism, but also for strengthening aviation management, enhancing service quality, and developing professional talent.

Bauyrzhan Dosmanbetov, Consul General of the Republic of Kazakhstan to Hong Kong and Macau SAR’s. By Bastillepost.

“We had a direct flight from Hong Kong to Almaty before the pandemic, but then it was canceled,” says Dosmanbetov, “We are actively working on resuming it  with the major Hong Kong carriers to make both destinations more accessible.” He also says that it is a pity that there is no airline currently operates direct flights to Hong Kong from Central Asia, which has a total population of  80 million.

AAHK signed memorandum with Kazakhstan last month at the Belt and Road Summit. Internet photo.

Besides working on resuming direct flight between Hong Kong and Kazakhstan, according to Dosmanbetov, Kazakhstan also provides two scholarships for their pilots and managers who are going to study at Hong Kong International Aviation Academy (HKIAA), in the hope of enhancing operational excellence, and further supporting stronger tourism, trade and people-to-people exchange.

Aviation is not the only cooperation Kazakhstan reached with Hong Kong. In August, Jiaxin International Resources Investment Limited, a Kazakhstan company receiving investment from Chinese enterprise, listed on both Hong Kong and Kazakhstan markets.

Shares of the company surged about 178 percent on its first day of initial public offering (IPO) on Hong Kong market. “The dual listing is a big growth for the company,” says Dosmanbetov, “I know we have two more companies also want to list in Hong Kong and Astana.”

As President of Kazakhstan, Kassym-Jomart Tokayev, emphasized in his 2025 State of the Nation Address, Kazakhstan must move beyond relying on raw material investment and channel more capital into manufacturing and high-end industry.

Dosmanbetov says that the reason why Kazakhstan is interested in Hong Kong market is that Hong Kong can connect it with investors who are experienced in supporting large-scale, diversified and innovative projects. According to him, entering Hong Kong means Kazakhstan-based companies gain access not only to financing but also to strategic partnership and pathways to support the transformation of Kazakhstan.

Dosmanbetov expresses optimism about deeper cooperation between the Astana International Exchange (AIX) and the Hong Kong Stock Exchange (HKEX) in the future.  “Our interest in Hong Kong is not short-term,” says Dosmanbetov.

For Consul General, cooperating with Hong Kong is about aligning Kazakhstan’s economic transformation with one of the world’s most dynamic financial hubs. “Hong Kong, ” says Dosmanbetov, “as one of Asia’s premier financial hubs and a gateway to Chinese mainland, is natural partner.”

The Astana International Financial Center (AIFC) has already signed memorandum of understanding with top Asian exchanges, Dosmanbetov expects that there would be more Kazakhstan-based companies will engage in knowledge-sharing, dual-listing and cross-border investment in the coming years, so that they can benefit from the AIX’s high regulatory standards and HKEX’s deep liquidity.   

The Astana International Center. Internet photo.

To reach the vision, the Consulate General of Kazakhstan in Hong Kong supports the investors of these projects by assisting with government coordination and regulatory matters, and acts as a link between Hong Kong and Kazakhstan. By working closely with Kazakh Invest, InvestHK, Qazaqstan Investment Corporation, and other agencies, the Consulate General can ensure that projects can develop smoothly and successfully.

When talking about the Belt and Road Summit held earlier, Dosmanbetov states that the Belt and Road Initiative is a powerful engine for Kazakhstan’s future development, since it can not only strengthen transport and investment links across Eurasia, but also deepen its eternal friendship with China.

For Dosmanbetov, the Belt and Road Initiative can provide infrastructure financing, technology partnerships, and cross-border connectivity, which builds the framework of creating a digital Kazakhstan. In September, the Development Bank of Kazakhstan issued a 2 billion yuan (HK$2.18 billion) dim sum bond in Hong Kong, making it the first issuer from Central Asia to launch a bond in Hong Kong.

Kazakhstan is one of the five countries in Central Asia, the rest of four are Kyrgyzstan, Tajikistan, Turmenistan and Uzbekistan, and the total population of five is 80 million. According to online information, Kazakhstan has the biggest population among them, the 2025 population is 20.84 million, with the annual growth rate of 1.55%, there are over 55% of them live in urban, the median age is 29.7, the population structure is younger than most of the countries.

For Dosmanbetov, the Belt and Road Initiative can bring infrastructure financing, technology partnerships, and cross-border connectivity which build the framework of creating a digital Kazakhstan. Photo by Bastillepost.

Kazakhstan is also the important hub of the Silk Road Economic Belt, China and Kazakhstan have reached multiple cooperations in railways and Caspian sea shipping, building China-Europe railways and cross Caspian sea corridor together, which becomes the Eurasia transport hub.

Action plan on the Belt and Road Initiative made by China and Kazakhstan covers green mining, agriculture modernization, engineer technology and so on, strengthening the cooperation in defense industry is also included.

Dosmanbetov points out that the demonstration effect of the issuance includes that other banks, corporates and infrastructure companies in Kazakhstan and across Central Asia now have a proven model for raising RMB capital in Hong Kong to finance projects like energy transition and digital infrastructure.

For investors from Hong Kong and Greater Bay Area, Dosmanbetov recommends the most promising areas in Kazakhstan including AI applications, fin-tech, renewable and green energy, smart logistics, advanced manufacturing and deep agricultural processing.

Dosmanbetov introduces that AIFC provides an English-law jurisdiction, long-term tax exemptions on corporate income, capital gains and dividends , simplified visa and work-permit procedures to better facilitate the investors. Special economic zones and industrial parks are also provided.

Consulate General of the Republic of Kazakhstan in Hong Kong and Macau SAR' s, PRC. Photo by Bastillepost.

“Kazakhstan is a young and forward-looking state,” says Dosmanbetov, “we give Hong Kong companies not only market access, but also clear pathways to participate in building Kazakhstan’s digital economy and AI-driven industries.”

Hong Kong has overtaken Switzerland as the world's top cross-boundary wealth management centre, according to the latest Global Wealth Report 2026 published by the Boston Consulting Group. Industry professionals, academics, and researchers believe Hong Kong is pulling away from Switzerland and is likely to maintain its top position. They suggest authorities should actively expand the range of investment products, such as RMB-denominated and Islamic financial products, and strengthen external ties, including exploring Central Asian markets.

The latest Global Wealth Report 2026 published by the Boston Consulting Group

In 2025, Hong Kong managed US$2.95 trillion in cross-border wealth, ranking first in the world for the first time, slightly higher than Switzerland's US$2.94 trillion. Though the margin between Hong Kong and Switzerland is slim in 2025, according to estimates by the Boston Consulting Group, the gap between the two is widening. The Boston Consulting Group estimates that by 2030, Hong Kong will manage US$4.6 trillion in cross-border wealth, while Switzerland will manage US$4 trillion.

Hong Kong's cross-border wealth management scale increased by US$284 billion in 2025, a growth of 10.7%, while Switzerland's increased by US$207 billion, a growth of 7.6%.

The report by the Boston Consulting Group indicates that from 2025 to 2030, Hong Kong's cross-border wealth management scale will grow at a compound annual growth rate of 9%, while Switzerland's will be 6%.

Singapore, ranking third, achieved cross-border wealth management scale of US$2.1 trillion in 2025, an increase of US$196 billion or 10.3%. The Boston Consulting Group estimates that by 2030, Singapore's cross-border wealth management scale will reach US$3.3 trillion.

The U.S. and the U.K. rank fourth and fifth, respectively, with cross-border wealth management scales of US$1.6 trillion and US$1 trillion in 2025. The Boston Consulting Group estimates that the scales will reach US$2.1 trillion and US$1.3 trillion respectively by 2030.

The top ten booking centers dominate cross-border flows shown in the report

Prof. Billy Mak, Associate Professor of Accountancy, Economics and Finance at Hong Kong Baptist University's School of Business, said in an interview with Bastille Post that, unless a black swan event occurs, Hong Kong is increasingly pulling away from Switzerland at its current pace. Switzerland also has a significant gap over the third-ranked country, he noted. For any lower-ranked competitor to rise to the top, its growth rate would need to outperform Hong Kong's, which is quite difficult. As a result, he is confident that Hong Kong can retain its crown in cross-border wealth management.

Russia-Ukraine War Drives Capital Flows from Switzerland to Asia

The Russia-Ukraine war and the Iraq war are objective factors behind the significant increase in Hong Kong's cross-border wealth management scale in recent years, Prof. Mak explained. He also noted that Switzerland has always been a wealth management centre in Europe, while Dubai in the UAE is the wealth management centre in the Middle East. Switzerland has long prided itself on strict neutrality, which helped it become a global wealth hub. However, after the outbreak of the Russia-Ukraine war, the EU imposed sanctions on Russia requiring Switzerland to freeze Russian assets, not just government assets, but also the private assets of wealthy individuals. Since then, funds have gradually withdrawn from Switzerland because it is no longer safe.

Furthermore, Europe's economic recession over the past two decades has limited investment channels for funds deposited in Switzerland, hindering significant capital appreciation.

The attack on Dubai, the Middle Eastern wealth management centre, by Iran during the Iraq war also led to some capital outflows from the Middle East, according to Prof. Mak.

Asia is a likely destination for capital flowing out of Switzerland and the Middle East. Asia's rapid economic growth in recent years is conducive to wealth accumulation. Both Hong Kong and Singapore, as Asian wealth management centres, have no foreign exchange controls, allowing free capital flows, and operate under the common law.

Prof. Mak noted that Hong Kong has international arbitration institutions, no capital gains tax, a simple tax system, and more than 80 of the world's top 100 banks maintain offices or branches in the city, which are all factors that appeal to cross-border wealth management and family offices.

Hong Kong, Photo source: reference image

Banking Professionals: Europe's Wealthy Population is Shrinking

Banking professionals point out that this is an irreversible trend, as the number of wealthy individuals in Europe is decreasing, while the number in the Asia-Pacific region will continue to rise alongside the economic development of ASEAN countries.

Moreover, the Hong Kong government's efforts to promote family offices in the city are accelerating this trend.

The report by the Boston Consulting Group cites a robust IPO market and a large influx of Mainland capital as reasons for Hong Kong's top ranking in 2025, while also suggesting other factors were at play.

Mr. Alex Mak, Head of Greater Bay Area Development of Our Hong Kong Foundation, said Hong Kong's leading position in cross-border wealth management is primarily driven by the rapid overall wealth growth in Asia. He mentioned that the number of high-net-worth individuals in Asia grew by 5 per cent in 2024, higher than in Switzerland. From an economic perspective, Asia is a growth region, while Switzerland is facing saturation. Nevertheless, he also indicated that Hong Kong is unlikely to be number one in IPO fundraising in 2026 due to several mega-IPOs in the U.S., including on SPACEEX, but added that this has not shaken Hong Kong's status as a wealth management centre.

Government Policies Bearing Fruits

Mr. Alex Mak noted that the HKSAR Government's efforts in recent years to build the city into a wealth management and family office centre have yielded results. A series of government policies and tax breaks have been implemented, and the results are now reaping the rewards. Last year, the number of single-family offices reached 3,384, a 20 per cent year-on-year increase, compared with 440 in Switzerland.

Singapore, ranked third, recorded 10.3 per cent growth in 2025. The Boston Consulting Group estimates a 9 per cent annual growth in its cross-border wealth management assets over the five years to 2030. While its base is lower than Hong Kong and Switzerland, market analysts suggest Singapore would need significantly higher growth in the coming years to overtake them.

Analysts also pointed out that Singapore's investment market offers fewer product options and is geographically distant from China. Investing in RMB-related products is less convenient in Singapore. Furthermore, Singapore's close ties with the U.S. make some investors hesitant.

To cement its position as the world's leading cross-border wealth management hub, Prof. Mak believed Hong Kong should increase the variety of investment products, such as expanding the supply of RMB assets, broadening risk diversification, and introducing Islamic financial products, which would not only attract foreign capital, but also draw high-end financial talent and create jobs.

Scholar believed Hong Kong should increase the variety of investment products, such as expanding the supply of RMB assets, broadening risk diversification, and introducing Islamic financial products. Photo source: AP News

Hong Kong: A Platform of Diverse Asset Choices

Mr. Sam Yu, Chairman of the Hong Kong Investment Funds Association (HKIFA), said in the interview that Hong Kong offers over 3,000 tradable funds. In recent years, the addition of alternative asset investment funds and private equity funds has enriched investment products for wealth management and family offices. The HKSAR Government's financial policies, including tax incentives, have contributed to the flourishing development of the sector.

Besides, initiatives such as Cross-boundary WMC, Mutual Market Access, and ETF Connect provide Mainland investors with channels to invest in Hong Kong, resulting in ample capital and a diverse range of investment products in Hong Kong's financial market.

To strengthen Hong Kong's position as a wealth management centre, Mr. Yu believed a short-term, medium-term, and long-term approach is needed. In the short term, strengthening communication with Mainland regulatory agencies and the People's Bank of China is crucial to ensure funds enter Hong Kong through legal channels. In the medium term, strengthening ties with Southeast Asia is essential. He noted that Thailand and Hong Kong have had a mutual recognition of funds mechanism for many years. In the long term, expanding into the Middle East and Central Asia is vital to enhance financial and wealth management exchanges between the regions.

Mr. Alex Mak believed the HKSAR Government needs to expand its financial talent pool, especially for multi-skilled individuals, such as those combining finance and technology, or ESG specialists. Furthermore, he suggested exploring the Central Asian market. Kazakhstan, for example, has strong economic power and boasts 40,000 to 50,000 high-net-worth individuals, a figure projected to reach 60,000 by 2028.

Mr. Yu expressed his surprise that Hong Kong has become the world's leading cross-border wealth management hub sooner than expected. He said that this is the result of past efforts, highlighting government policies, including significant work on taxation and the successful attraction of numerous investors and talent.

To solidify its position as the world's number one, Mr. Yu said Hong Kong can continue to attract diverse capital by strengthening ties with the Mainland, Southeast Asia, and the Middle East, adding that Central Asian countries also hold considerable potential.