Hong Kong overtakes Switzerland as world’s top cross‑border wealth manager

Hong Kong has become the world’s largest cross‑border wealth‑management centre, recording US$2.95 trillion of assets under management in 2025, marginally ahead of Switzerland’s US$2.946 trillion. The Boston Consulting Group report attributes the shift to a 10.7 % annual growth rate, driven by more than 60 % of Hong Kong’s external capital coming from mainland China, strong initial public‑offering activity and equity‑market gains. Over 185,000 high‑net‑worth families now place assets with Hong Kong private banks, while Swiss banks, though unruffled, call for targeted regulation to maintain competitiveness.

Swiss banking officials note the need for balanced regulatory frameworks after the Credit Suisse collapse, whereas Chinese authorities are tightening outbound investment rules to protect national security. The overtaking signals a broader trend of wealth creation in Asia contrasting with Europe’s traditional role as a wealth‑preservation hub.