Overtaken by Hong Kong in global wealth management, Swiss keep cool

Hong Kong has officially overtaken Switzerland as the global leader in cross-border wealth management, according to a recent Boston Consulting Group (BCG) report. The semi-autonomous Chinese city managed US$2.95 trillion in cross-border assets in 2025, narrowly edging out Switzerland's US$2.946 trillion.

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Rapid advances in technology innovation and artificial intelligence sectors are “expected to open up greater scope for development within Hong Kong’s asset and wealth management industry”.

The BCG 2026 Global Wealth Report highlights mainland China as a primary driver of Hong Kong's success, accounting for over 60 percent of external capital. The report credits strong initial public offering activity and equity market gains for the city's ascent. Financial Secretary Paul Chan noted that technological innovation and artificial intelligence are expected to further boost the industry.

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Uncertainties around US-China tensions are the main reason they are moving capital and managing wealth in Hong Kong.

Despite Hong Kong's rise, Swiss banks appear unconcerned, viewing the shift as potentially bolstering their case against impending stricter banking regulations. The Swiss Bankers Association stated that Hong Kong benefited from strong asset growth in China but emphasized that Swiss banks also maintain a successful presence in key Asian markets. They stressed the importance of a competitive regulatory framework for Switzerland's future.

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Investors engaging in foreign investment and related activities… shall not endanger China’s national security or harm national interests.

However, Hong Kong's position is not without potential headwinds. Gary Ng, senior economist at Natixis Corporate and Investment Banking, pointed to uncertainties surrounding U.S.-China tensions as a key reason for capital movement to Hong Kong. Simultaneously, China has initiated a crackdown on outbound investment, with new rules aimed at curbing the transfer of restricted technology, services, and data overseas without authorization. Authorities stated that investors must not endanger China's national security or harm its national interests.

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For Switzerland, competitive framework conditions are particularly crucial for the future. It is essential that regulation remains targeted and internationally coordinated so that both stability and competitiveness are strengthened.