(ECNS) -- Hong Kong has overtaken Switzerland to become the world's largest cross‑border wealth management center, cementing its position as a rising powerhouse in global finance.
Assets under management in Hong Kong rose 10.7 percent year‑on‑year to $2.95 trillion in 2025, surpassing Switzerland for the first time, according to the Global Wealth Report 2026 released by Boston Consulting Group.
Li Guoping, professor at the Central University of Finance and Economics, told China News Network that Hong Kong's close ties with the Chinese mainland provide a steady source of capital inflows, the most fundamental factor behind its rise.
Swiss broadcaster SRF also attributed the shift largely to China's economic strength.
UBS China Wealth Management Head Lv Zijie describes the trend as an "eastward shift of global capital." Global companies and investors are looking for places that offer security, predictability and abundant opportunities, Lv said, pointing out that for those seeking to invest in China but who are not yet familiar with the market, Hong Kong is the best gateway.
Geopolitical conflicts in regions such as the Middle East have also prompted some investors to reassess the meaning of safety. Li said that backed by the Chinese mainland and benefiting from a relatively stable political and social environment, Hong Kong is increasingly viewed as a more secure financial center than Switzerland.
China's technology boom has also fueled growth. Wealth generated by entrepreneurs in AI, manufacturing, and new energy has expanded demand for offshore asset allocation, with Hong Kong remaining the preferred gateway.
Advances in large language models, optical communications, and other high‑tech sectors are drawing capital toward Asia.
Government policies have also played a role. Since 2021, the Hong Kong Special Administrative Region government has promoted the development of family offices. Following a policy statement released in 2023, a series of measures—including tax incentives and the New Capital Investment Entrant Scheme—have been introduced to attract global capital.
Stimulated by the policies, family offices, often regarded as among the world's most sophisticated investors, have shown growing interest in sectors such as artificial intelligence, robotics, renewable energy and advanced technology—areas where China are increasingly competitive.
According to Deloitte's Market Study on the Family Office Landscape in Hong Kong, Hong Kong is home to 3,384 single-family offices (SFOs) as of the end of 2025, representing an increase of 681 over the two years since the end of 2023. SFOs in Hong Kong collectively contribute about HK$12.6 billion annually to the local economy through operating expenditure alone.
Hong Kong's ascent is more than a change in rankings. It reflects a broader shift in the geography of global wealth, with capital increasingly flowing toward China thanks to by China's economic and technological development.
From the Alps to Victoria Harbour, the global wealth map is being redrawn.
(By Gong Weiwei)
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