Hong Kong Tops Switzerland in Cross-Border Wealth Management: Can the Crown Hold? Experts Say Yes

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.

The SAR Government is pushing forward the development of the low-altitude economy. In the second phase of the "Sandbox X", some companies have applied to pilot manned electric vertical takeoff and landing (eVTOL) aircraft, also known as "air taxis", and are pending for the SAR Government to formulate relevant legislation. In addition, there are also applications to establish an air traffic control system (UTM) to further promote the development of the low-altitude economy.

From left to right: Chairman of Owowww Alan Wan, Head of Engineering Services of Cyberport Dr Eddie Lock, Business Development Director of KC Smart Mobility Newton Ng. Photo by Bastillepost

The current application of drones mainly focuses on inspection and cleaning, for example, using drones to clean the outer walls and inspect the wires and railways. Last year, 38 testing projects were listed in the first phase of the low-altitude economy sandbox, with 32 having been implemented. According to the Civil Aviation Department (CAD)... 20 of the implemented projects are now more mature and low-risk, which are not used in high traffic areas, including the infrastructure examination and walls cleaning, and enter constant actual operation phase.

The next phase involves testing drones cross-border logistics, manned mission and UTM (Unmanned Aircraft System Traffic Management). The “Sandbox X” project, launched by the SAR Government on December 24 last year, focuses on five key applications including these.

Cyberport provides testing fields for both “Sandbox” and “Sandbox X” projects, Kwoon Chung Bus (00306) has applied for this low-altitude economy Sandbox X project with its eVTOL project.

Newton Ng, Business Development Director of KC Smart Mobility Company, tells Bastillepost that Kwoon Chung has reached cooperation with Mainland drones manufacturer EHang (Nasdaq: EH) to promote eVTOL (Electric Vertical Take-off and Landing) in Hong Kong, which is a new electricity driven vertical aircraft without runway often referred as Air-taxi or Air-car. EHang has completed the first manned flight in Indonesia in the middle of 2025, its flagship product EH216-S also gained multiple permissions from CAAC.

Business Development Director of KC Smart Mobility Newton Ng. Photo by Bastillepost

Newton Ng says that EHang manned aircraft has been tested in the Mainland for many times, but it needed a fixed point test due to Hong Kong’s unique situation like the high building density. “We hope we can bring new technology and new travelling mode via eVTOL, ” says Newton.

When talking about the application of “Sandbox X”, Newton notes that although the drone cannot ride passengers currently, he hopes drones can really complete manned missions in the future to give citizens confidence. He also points out that eVTOL still needs to meet mant requirements in security and commercialization as a new traffic tool, and that details of commercialization, including security examination roles, technicians operation certificate and traffic rules for drones,  should be ruled by laws.

EHang completed its first manned flight in Indonesia last year. Photo from EHang official website.

Owowww creative, a company performing drone shows at Victoria Harbor, is also going to apply for the “Sandbox X” project. Last year, Owowww reached cooperation with Chu Kong Shipping Enterprises to use its Nansha bounded warehouse to develop cross-border logistics. Owowww also successfully developed the stable operation to do large-scale ensemble rises and falls performance on the ship and safe performance of drones carrying fireworks.

Provided by Owowww Creative

As for the “Sandbox X” project that Owowww is applying for, Chairman of Owowww Alan Wan introduces three applied projects including UTM, eVTOL and cross-border logistics. While conventional aircraft require instructions from airport air traffic control towers, the UTM can understand the air traffic control towers of drones and is responsible for managing drone traffic.

Chairman of Owowww Creative Alan Wan. Photo by Bastillepost

Dr Eddie Lock, Head of Engineering Services of Cyberport, which is  the field partner of low-altitude economy “Sandbox X” project, states that the most common problem discovered during the test of first round low-altitude economy “Sandbox” is the lack of a well-developed UTM. “We have spent so much energy managing the drone airport to make sure there is no interference nearby. However, the management will be much more difficult once the drones fly into the sky, ” he says.

Dr Eddie Lock, Head of Engineering Services of Cyberport

“If UTM is well developed, we can make good use of three-dimension space to sharply increase low-altitude economy benefits, which means that multiple drones can fly in one airspace,” says Dr Eddie Lock, “that is why we need to develop UTM in the “Sandbox X” project.”

Cyberport provides suitable drones airport and equipped infrastructures, including  charging and communication systems, for participating companies during the “Sandbox” and “Sandbox X”. According to Eddie, Cyberport has widely cooperated with CAD and Hong Kong Observatory, while CAD is mainly responsible for airspace management during the test, Hong Kong Observatory has the most advanced meteorological monitoring instrument to provide real-time data for participating companies to empower the tests.

Alan Wan from Owowww expresses his hope for the government to accelerate legislation to regulate eVTOL industry. As for the healthy development of the industry, he advises the government to fund an industrial fund, or cooperate with insurance companies to provide insurance service for infrastructure and operation of the industry. “In this way, the company cost can be cut down,” he says.