Hong Kong overtakes Switzerland as top cross-border wealth hub on China ties, report shows

Hong Kong has ascended to the top position as the world's premier cross-border wealth hub, eclipsing Switzerland for the first time. Boston Consulting Group's 2026 Global Wealth Report reveals Hong Kong now manages $2.95 trillion in offshore assets, narrowly ahead of Switzerland's $2.94 trillion.

“

Hong Kong is cementing its role as China’s gateway to global markets, though that same concentration ties its trajectory tightly to economic and regulatory developments on the mainland.

This shift is largely attributed to the growing wealth from China and a robust initial public offering (IPO) market. The report highlights that Hong Kong is solidifying its status as China's gateway to global markets. However, this close connection also means its financial trajectory is significantly influenced by mainland China's economic and regulatory developments.

“

Geopolitical uncertainty reaffirms Switzerland’s role as a core global booking centre, attracting flight-to-safety flows from more volatile regions such as the Middle East.

Projections indicate that both Hong Kong and Singapore will continue to expand as cross-border booking centers at an accelerated pace, with an estimated annual growth of 9% through 2030. This contrasts with Switzerland's anticipated average growth of 6% over the same period. Globally, cross-border wealth surged by 8.4% to $15.7 trillion last year, driven by strong market performance and a greater demand for geographical diversification, with the majority of this wealth concentrating in the top 10 booking centers.

“

What ultimately matters is client proximity.

Despite its slower growth, Switzerland's diversified client base, drawing from various regions, may offer an advantage. The report notes that geopolitical uncertainty continues to bolster Switzerland's position as a stable global booking center, attracting capital seeking safety from more volatile regions like the Middle East. Bankers and financial advisors have observed wealthy individuals shifting assets from the Gulf region to Switzerland amid ongoing conflicts. Michael Kahlich, a co-author of the BCG report, emphasized that client proximity is paramount, leading to the emergence of two primary global hub clusters: one in Asia, comprising Singapore and Hong Kong, and another in the Western region, including Switzerland, the UK, and the US. Swiss banks, such as UBS, have responded by expanding their wealth management operations in key Asian hubs like Singapore and Hong Kong.

“

UBS is number one in wealth management in both Singapore and Hong Kong.