China's Hong Kong Special Administrative Region (HKSAR) overtook Switzerland as the world's largest cross-border booking center for the first time, with its cross-border wealth growing 10.7 percent year on year in 2025, according to a report released by the Boston Consulting Group (BCG) on Wednesday.
Hong Kong's cross-border wealth assets totaled 2.95 trillion U.S. dollars last year, driven by Chinese mainland flows and a vigorous stock market that delivered significant IPO activity and strong gains in benchmark-heavy internet platforms, the report said.
Flows from the Chinese mainland represented over 60 percent of assets under management, further cementing Hong Kong's role as China's gateway to global markets, the BCG said in the report.
The consulting firm projected the city's cross-border wealth to grow about 9 percent annually through 2030.
Paul Chan, financial secretary of the HKSAR government said Hong Kong, under the "one country, two systems" principle, continues to serve as a trusted safe haven for global investors amid geopolitical uncertainties.
"In the current geopolitical landscape, many international investors are seeking to diversify risks and are looking for a safe and reliable harbor. Under the framework of 'one country, two systems', Hong Kong benefits from the strong and stable support of our country," said Chan.
The strong inflow of capital is already contributing to Hong Kong's economic performance.
"Hong Kong's GDP grew by 5.9 percent in the first quarter of 2026, greatly beating market expectations. This reflects the recovery in the local property market and overall consumption, and the positive impact of capital inflows as well," said Liu Gang, chief overseas strategist at China International Capital Corporation (CICC).
Hong Kong overtakes Switzerland as world's largest cross-border wealth hub: BCG
Lebanese Prime Minister Nawaf Salam accused Israel on Saturday of pursuing a "scorched-earth policy", saying Lebanon will persist in diplomatic negotiations and strive to reach a new ceasefire agreement as Israel escalates attacks across southern Lebanon. In a televised address, Salam denounced Israel's "dangerous and unprecedented" military escalation in south Lebanon, which he said is no longer limited to specific targets but has completely destroyed towns, villages, and civil infrastructure and led to massive displacement.
This "scorched-earth policy" is a collective punishment of innocent civilians, and will bring neither security nor stability to Israel, he said.
He said Lebanon remains committed to a ceasefire deal that would include a full Israeli withdrawal, the release of prisoners, the return of the displaced, and reconstruction through negotiations. Salam added that decisions on war and peace must remain under state authority and urged national unity to overcome the crisis.
A ceasefire between Israel and Lebanon took effect on April 17. Despite the truce, Israel has continued to carry out near-daily strikes in Lebanon, while Hezbollah has launched attacks on Israeli military positions.
Negotiations between Lebanese and Israeli military delegations in Washington, D.C. failed to reach a ceasefire agreement on Friday as Israel refused to withdraw from the occupied Lebanese territory and insisted on the disarmament of Hezbollah.
Israeli Prime Minister Benjamin Netanyahu on Friday said that Israeli ground forces had crossed the Litani River, beyond the "security zone" it controls in southern Lebanon.
Speaking with commanders during a visit to an armored division, Netanyahu said that the Israeli military is also operating in Beirut and the Beqaa Valley in eastern Lebanon.
Also on Friday, Israeli military chief Eyal Zamir said that the army's objective is to intensify the damage to Hezbollah, push the "threat" away from Israeli civilians, and strengthen the defense of the northern communities, according to a statement issued by the Israel Defense Forces.
He added that Israeli soldiers are advancing in the air and on the ground in Lebanon.
Israeli airstrikes and drone attacks across southern Lebanon late Friday and into Saturday killed at least 15 people and wounded several others, according to Lebanon's Health Ministry.
Lebanon's Public Health Emergency Operations Center said Saturday that the death toll in the country from the conflict since March 2 has risen to 3,371, with 10,129 injured.
When the Israeli military continued its advance in southern Lebanon on Saturday, launching airstrikes on multiple locations, Israel faced a large-scale retaliation from Hezbollah. Starting in the early hours, Hezbollah fired approximately 20 rockets and multiple drones into northern Israel, triggering repeated air raid sirens in several towns. The Israeli military also confirmed that a drone struck a military area.
Lebanese PM decries Israel’s "scorched-earth policy" as fresh strikes in south
