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
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The National Security Department of the Police Force launched an enforcement operation on October 6. Officers arrested a man and a woman in Kwun Tong District and Tsim Sha Tsui District respectively, both aged 38.
The arrested persons are suspected of violating Section 24 of the Safeguarding National Security Ordinance, namely the offence of "doing an act with a seditious intention." Sources indicate that the arrested man is Wong Ka-ho, a former member of the localist group "North District Dynamic." The other arrested person is his girlfriend.
It is understood that during the black violence period, someone set up a social media page named "YellowInsurance," covering platforms such as Facebook and Instagram. While promoting insurance business, the page repeatedly published posts supporting the black violence and expressing solidarity with "brothers and sisters."
It also spread messages smearing the Central Authorities and the SAR Government, promoting "Hong Kong independence," and attempting to incite public hatred toward the Central Authorities and the SAR Government.
After the implementation of the Hong Kong National Security Law, this page shifted to continuously inciting through "soft resistance" tactics. It used hashtags or so-called "acrostic poems" and other obscure "edge ball" forms to disseminate anti-China and pro-riot messages and incite "Hong Kong independence." It also promoted the black violence song "Glory to Hong Kong," various yellow shops, and participation in the "yellow economic circle" mobile application "Punish Mee," in an attempt to imperceptibly poison the general public.
Using hashtags or so-called "acrostic poems" and other obscure forms to disseminate messages. (Online image)
The page involved claimed that it could arrange various types of insurance for customers, yet did not disclose the identity of the person in charge or the relevant licence status. An insider's analysis pointed out that this operating method lacked transparency.
The page imitated the operating model of the "yellow economic circle" and hinted in its posts that it was run by anti-government "yellow people," thereby using the political halo to attract yellow-camp consumers to take out insurance through its platform and earn insurance commissions for profit.
Sources say the two arrested individuals are suspected of managing these pages. Wong Ka-ho claimed to work as a financial adviser at a local investment company and holds an insurance intermediary licence. The arrested girlfriend does not work in the insurance industry and does not hold an insurance intermediary licence, and is suspected of having been instigated by Wong Ka-ho to help manage social media.
Under the Insurance Ordinance, selling insurance without a licence or taking part in related regulated activities is a criminal offence. That includes making applications or providing advice on insurance contracts.
Founded in 2015, "North District Dynamic" repeatedly launched and joined protests against parallel traders. Wong Ka-ho was active in those activities and ran in the District Council election that same year for "North District Dynamic", but the pro-democracy camp at the time accused him of "splitting the vote".
In November 2016, Wong and several former members of Demosisto and the League of Social Democrats joined a march against the NPC's interpretation of the Basic Law. He was later arrested for surrounding the Liaison Office of the Central People's Government building and throwing hard objects at police.
In March 2020, Wong Ka-ho and Lui Chi-hang, one of those convicted in the "35+ subversion case", went to MTR Fanling Station to disrupt a signature street booth organized by citizens in "support of Article 23 legislation". The move triggered a pushing and shoving incident involving more than 20 people from both sides.
Reports at the time said Wong and his associates livestreamed the process online during the incident and afterwards shared photos of their own injuries online to court sympathy, and were accused of premeditation.
The "yellow economic circle" broadly refers to the economic activities of so-called "mutual support among brothers and sisters" initiated by some anti-China, destabilizing elements after the 2019 black violence. A senior figure pointed out that in essence it is about amassing wealth by inciting hatred and social confrontation, which both endangers national security and damages Hong Kong's economy and prosperity and stability.
After the Hong Kong National Security Law took effect, the forces concerned still hide in the community, poisoning the public through "soft resistance" to seek private gain, planting major hidden dangers for Hong Kong's long-term stability and prosperous development.
According to records, many people who took part in anti-government activities during the 2019 black violence hoped to profit through the "yellow economic circle".
For example, Chu Kong-wai is suspected of promoting MPF schemes without an MPF intermediary licence. He marketed MPF consolidation schemes on social platforms and through other channels as a "financial adviser", calling on "brothers and sisters" to let his team manage their MPF accounts and claiming they could obtain ideal returns. He was criticized for disregarding clients' potential financial losses.
Chu was attached to Manulife senior branch manager Lee Chun-wah. Before entering the insurance industry, Lee had been a male PE teacher at a secondary school, during which time he associated with a 14-year-old underage girl and once sat on the back of a half-naked girl to take photos, involving indecency toward an underage girl.
He was later revealed to possess nearly a hundred pornographic photos and videos of another girl at the school. He was ultimately convicted on two counts of committing indecent acts against a child under 16 and possession of child pornography.
Secretary for Security Tang Ping-keung mentioned in a radio program a few days ago that Hong Kong currently still faces four major national security risks. They include smearing by external forces, local terrorist activities, those who have absconded overseas continuing to advocate "Hong Kong independence", and hidden "soft resistance". He said bluntly that the most evil thing is "soft resistance", because it may not be very obvious.
The expert points out that this case proves the national security risks from "soft resistance" still exist. The acts in the case are suspected of violating "doing an act with a seditious intention," a serious offence that carries a maximum penalty of 7 years' imprisonment on first conviction.
The expert believes the police will continue to ensure that laws are observed and strictly enforced and that lawbreakers are prosecuted. The force will effectively prevent, stop and punish any acts and activities endangering national security in accordance with the law.
