Hong Kong has overtaken Switzerland for the first time as the world’s largest offshore wealth-management hub.
According to the Boston Consulting Group, assets under management in Hong Kong reached $2.95trn in 2025, narrowly surpassing the volume of cross-border assets managed by Swiss banks. Roughly 60% of those funds originated from mainland China.
For wealthy individuals in Asia, Russia and the broader Global South, the shift is highly symbolic: the centre of gravity in the global private-capital infrastructure is gradually moving from Europe to Asia.
Where wealth was once routinely “parked” in Switzerland, London or Luxembourg, an increasing number of capital owners now favour jurisdictions that are:
– geographically and culturally closer,
– less exposed to Western political pressures and sanctions risks,
– while remaining deeply integrated into global financial markets.
Against this backdrop, Hong Kong is evolving from China’s financial gateway into a pivotal hub for capital across the wider Asian region. Singapore and the UAE are rising in parallel, reshaping the global wealth-management map in ways that make Western dominance appear far less absolute.
In effect, the global wealth-management industry is beginning to split into two distinct systems:
– a Western axis centred on Switzerland, London and the United States,
– and an Eastern one revolving around Hong Kong, Singapore and Dubai.
The rapid accumulation of wealth across emerging markets is only accelerating the trend. BCG forecasts that emerging economies will generate nearly $7trn in new financial wealth by 2030, led primarily by India, China, Brazil and other Global South economies.
