Hong Kong wealth management has overtaken Switzerland for the first time in terms of cross-border assets under management, according to a new report by Boston Consulting Group (BCG).
The study, published on Wednesday and based on 2025 data, shows that Hong Kong has edged ahead of Switzerland by a narrow margin in foreign-managed assets.
Narrow gap between Hong Kong and Switzerland
According to BCG estimates, foreign assets under management stood at $2.95 trillion in Hong Kong, compared with $2.946 trillion in Switzerland.
The wealth management sector in Hong Kong recorded a stronger annual growth rate of 10.7%, compared with 7.6% in Switzerland.
The report highlights that capital inflows from mainland China have played a key role in accelerating Hong Kong’s financial expansion.
Global wealth flows increase amid uncertainty
The study also found that cross-border wealth flows increased by 8.4% in 2025, reaching $15.7 trillion globally.
Geopolitical tensions and trade uncertainty have encouraged investors to diversify assets across multiple jurisdictions, boosting demand for international wealth management services.
The wealth management industry in Hong Kong has particularly benefited from this shift, as Asia becomes an increasingly dominant driver of global capital movement.
Regional competition in financial hubs
BCG noted a growing regionalisation of capital flows, describing Hong Kong as Asia’s leading winner, while Switzerland remains Europe’s key financial safe haven.
Michael Kalies, a BCG partner in Zurich and co-author of the report, said the trend reflects shifting global financial dynamics and increased investor diversification.
Despite the change in ranking, Switzerland continues to be viewed as a stable and neutral financial centre in an uncertain geopolitical environment.
Swiss banking sector response
The Swiss Bankers Association acknowledged that the shift has been developing for years, driven by strong growth in Chinese wealth.
It noted that Swiss banks remain active in Asia, which continues to be a key growth region for the sector.
However, it stressed that Switzerland’s future competitiveness will depend on maintaining a strong and targeted regulatory framework.
Hong Kong welcomes financial milestone
Hong Kong authorities welcomed the findings, highlighting the city’s strengthening position as a global financial hub.
Christopher Hui, Secretary for Financial Services and the Treasury, said Hong Kong’s role as a “safe haven” is reinforced by shifting global economic power towards Asia and ongoing geopolitical developments.
The wealth management sector is expected to continue benefiting from these structural trends.
Source: CNA
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