History was made in global finance this week. Boston Consulting Group (BCG) released its 2026 Global Wealth Report on Wednesday (27 May), revealing that Hong Kong's cross-border wealth management assets reached US$2.95 trillion — a 10.7% year-on-year surge. That figure edged past Switzerland's US$2.94 trillion by roughly US$10 billion, making Hong Kong the world's largest cross-border wealth management center for the first time.
The milestone triggered a global media storm. More than 600 overseas reports followed the release, with the Associated Press, the Financial Times, Bloomberg, Reuters, and Canada's National Post all turning their focus to this defining shift in the global wealth management landscape.
Hong Kong's lead over Switzerland is slim — but the growth gap is not. Bloomberg noted that Hong Kong overtook Switzerland by a narrow margin, driven by an influx of capital from the Chinese Mainland and a rebound in Hong Kong's local stock market. What matters far more, though, is trajectory: BCG projects that cross-border wealth managed in Hong Kong will grow at roughly 9% per year between 2025 and 2030, compared to only about 6% for Switzerland.
Bloomberg goes further. By 2030, the gap in assets under management between the two centers is forecast to widen to nearly US$600 billion. Today's slim lead is not a finish line — it is the opening lap of a far larger structural shift.
Two core drivers explain Hong Kong's rise. The Financial Times focused on the diversification appetite of wealthy investors from the Chinese Mainland. Post-pandemic, investors sought to spread assets across jurisdictions to hedge against geopolitical risk — and a surge of that capital flowed into Hong Kong, helping it topple Switzerland's long-standing status as the traditional safe haven.
Financial Times coverage of the report.
Reuters added the numbers: wealth from China and a boom in IPOs in 2025 drove Hong Kong's cross-border assets to US$2.95 trillion.
BCG report co-author Michael Kahlich cuts to the structural point. "What ultimately matters is client proximity," he said. His view: two hubs are now forming in global wealth management — Singapore and Hong Kong serving Asia, and Switzerland, the United Kingdom, and the United States serving the West. Hong Kong's rise, in other words, is not simply about beating Switzerland. It reflects a structural migration of the global wealth management center of gravity towards Asia — a shift BCG describes as "unlikely to be reversed."
This development has prompted deep soul-searching in Switzerland. The FT quoted a UBS banker based in Zurich who questioned whether Switzerland had done enough to actively defend its position in wealth management — or had simply been coasting on the strength of its stable environment. Reuters noted that while Switzerland's growth rate is slower, its client base is more diversified, spanning regions across the globe. That breadth could prove a resilience advantage, whereas Asia's hubs remain heavily reliant on growth from the Chinese market.
BCG acknowledges that Switzerland retains unique value in navigating geopolitical uncertainty — particularly in attracting safe-haven flows amid ongoing instability in the Middle East. Yet BCG's own projections expose a key tension: diversification may bring stability, but against the backdrop of Asian wealth growing at roughly 9% per year, Switzerland risks a continued relative decline if it does not actively adapt.
Across international media coverage, one competitive advantage of Hong Kong was repeatedly emphasized — its connectivity function under "One Country, Two Systems." The Associated Press highlighted how Hong Kong's close ties with the Mainland market have driven its wealth management business. Reuters likewise noted that Hong Kong "is cementing its role as China's gateway to global markets."
This is more than a geopolitical dividend — it reflects deliberate policy work. Hong Kong issued a family office policy statement in 2023, followed by tax incentives and the New Capital Investment Entrant Scheme. Financial Secretary Paul Chan Mo-po stated after the report's release that Hong Kong's free, open, transparent, and predictable economic policies — alongside a stable and secure investment environment — are attracting a growing number of ultra-high-net-worth individuals and family offices to set up in the city. By end-2025, more than 3,380 single-family offices were operating in Hong Kong, up more than 25% from two years prior.
A slim lead is a warning signal as much as a trophy. The Hong Kong Economic Journal editorial noted that while Hong Kong surpassing Switzerland is a testament to the advantages of "One Country, Two Systems," Singapore is closing the gap at an annual growth rate of 10.3%, and Switzerland still holds the resilience of a diversified client base. Whether Hong Kong can sustain its position depends on its ability to broaden its global client base while consolidating its role as China's gateway.
A century-old wealth management order is witnessing a profound "East rising, West declining" moment. Hong Kong's displacement of Switzerland with US$2.95 trillion in cross-border wealth management assets is not merely a triumph for one city — it is a reflection of a shifting tide in the direction of global capital flows.
Yet, the real contest is not today's margin; it is the gap in growth rates that will decide the winner over the coming decade. As BCG put it, the future of wealth management centers is not about who offers the best safe haven — it is about who can stay closest to clients. And Asia is rapidly becoming the place where those clients are.
Ariel
** 博客文章文責自負,不代表本公司立場 **
Ta Kung Pao recently published a series of commentaries under the byline "Gong Zhiping" over three consecutive days. The series, titled "Safeguarding Hong Kong's High-Quality Development with High-Level Security," was reposted on the website of the Hong Kong and Macao Affairs Office (HKMAO) for three days running, drawing public attention.
The Ta Kung Pao articles point out that, at present, the HKSAR Government and all sectors of society are more clear-eyed, more conscious and more resolute in coordinating development and security, and in safeguarding the new development paradigm with a new security architecture.
Chief Executive John Lee has led the SAR's executive, legislative and judicial authorities in firmly discharging the constitutional responsibility of safeguarding national security, continuously consolidating the bedrock of high-level security for high-quality development.
Under the protection of security, Hong Kong's development momentum is growing ever stronger and its pace ever faster. Security has become an advantage for Hong Kong's development. The full text of the article follows:
Hong Kong's journey from chaos to order, and from order to prosperity, proclaims a simple truth: only with security every step of the way has there been development every step of the way. Security is not a "tightening spell," the incantation in Journey to the West that constricts the Monkey King's headband. It is a "protective talisman" and a "booster." Security not only provides the most solid foundation for development, it also creates new dividends for development.
Today, the HKSAR Government and all sectors of society are more clear-eyed, more conscious and more resolute in coordinating development and security, and in safeguarding the new development paradigm with a new security architecture.
Chief Executive John Lee has led the SAR's executive, legislative and judicial authorities in firmly discharging the constitutional responsibility of safeguarding national security. In doing so, they continuously consolidate the bedrock of high-level security for high-quality development.
The SAR made history in completing the legislation of Article 23 of the Basic Law. The Safeguarding National Security Ordinance was passed unanimously by the Legislative Council and, together with the Hong Kong National Security Law, has built a solid shield for safeguarding national security in the SAR. The principle of "patriots administering Hong Kong" has been fully implemented, and the power of governance in the SAR remains firmly in the hands of patriots.
The Committee for Safeguarding National Security of the HKSAR has earnestly shouldered its principal responsibility for safeguarding national security and strengthened overall coordination. The SAR's law enforcement, prosecution and judicial departments have been fearless and faithful to their duties, cracking down on acts endangering national security in accordance with the law.
The many patriotic groups and individuals who love the country and Hong Kong have carried forward their fine traditions, waging a resolute struggle against words and deeds that undermine, vilify and disrupt Hong Kong. When hostile forces at home and abroad launch attacks and smears in the arena of public opinion, the SAR Government responds with timely and forceful exposure, criticism and rebuttal.
As for the anti-China elements bent on disrupting Hong Kong who fled overseas and continued to flagrantly violate the Hong Kong National Security Law and the Safeguarding National Security Ordinance, the National Security Department of the Hong Kong Police Force has lawfully placed them on the wanted list. Measures have been applied against them as specified absconders.
The SAR Government and all sectors of society have also worked hard to advance national security education. They have held the "April 15 National Security Education Day" events year after year, opened a permanent National Security Exhibition Gallery, and brought national security education into schools, communities and the grassroots. Particular emphasis goes to strengthening such education for young people.
Hong Kong's legal system and enforcement mechanisms for safeguarding national security have been continuously improved, and its capabilities continuously strengthened. The truth that "only when the nation is secure can Hong Kong be secure, and only when the nation is secure can our homes be secure" has taken deep root in people's hearts. The whole of society has formed a mighty collective force for safeguarding national security.
Today, under the protection of security, Hong Kong's development momentum is getting better and better, and its pace faster and faster.
A few examples suffice to give a glimpse. In 2025, Hong Kong retained its ranking as the world's freest economy, held firm as the world's third-ranked international financial center, and rose to fourth globally in talent competitiveness. In 2026, Hong Kong became the world's largest cross-boundary wealth management center and ranked second globally in the World Competitiveness Yearbook. The economy grew 5.9% in the first quarter of 2026, and the SAR Government recently raised Hong Kong's full-year growth forecast from the previously projected 2.5%-3.5% to 3.5%-4.5%.
More encouraging still, Hong Kong is now working at full throttle on the SAR's first-ever five-year plan, painting a bright blueprint for the city's future development. The SAR Government and all sectors of society are earnestly implementing the spirit of President Xi Jinping's important instructions and proactively aligning with the country's 15th Five-Year Plan. They are upholding and refining the executive-led system, better combining a proactive government with an efficient market, and actively recognizing change, adapting to change and seeking change.
This amounts to forward-looking, science-based and systematic planning for Hong Kong's high-quality development in the new stage.
Strong consensus has been forged, and forceful measures proposed, on a range of priorities. These include highlighting the Northern Metropolis as a key focus, using the university town as a lever to drive the integrated development of education, technology and talent, and consolidating and enhancing Hong Kong's status as an international financial, shipping and trade center.
The priority list also includes accelerating the building of an international innovation and technology hub, creating a magnet for high-caliber global talent, and improving people's livelihoods across the board, in particular resolving the housing problem and bidding farewell to subdivided flats and "cage homes."
Hong Kong's development direction is now clearer, and its bright prospects more distinct.
Today, the international community and global investors increasingly agree that Hong Kong is a "safe harbor," and that a "safe harbor" is a "harbor of development." Security has become an advantage for Hong Kong's development. All objective and rational observers can see it plainly: Hong Kong safeguards national security so that the city can develop better, so that its residents can live better lives, and so that investors' lawful rights and interests can be better protected.
Overseas investors have repeatedly said that Hong Kong's safeguarding of national security has injected strong stability, certainty and sustainability into the market. A stream of international mega-events has been held in Hong Kong one after another. Friends from all over the world have come to the city to take part, casting a vote of confidence in Hong Kong.
In 2025, more than 2,700 single family offices were established in Hong Kong, over half of them with assets under management exceeding US$50 million. The number of companies in Hong Kong with parent companies located overseas or in the Chinese Mainland surpassed 11,000, a record high. Also in 2025, more than 31,000 foreign nationals were granted employment visas to work in Hong Kong, more than double the figure of five years ago.
Hong Kong now stands at a new starting point, ushering in its best period of development. The loftier the development goals and the brighter the vision, the less we can afford to slacken the taut string of security.
We must firmly establish the principle that development is an ironclad truth, and that security is no less so. We must do well in both pursuing high-quality development, the foremost task, and safeguarding national security, the matter of paramount importance.
By truly safeguarding high-quality development with high-level security, Hong Kong will surely stride steadily and surely along the broad road from order to prosperity. The city will shine with even greater splendor on the great journey of building a strong nation and realizing national rejuvenation.
