TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search results
Popular Reads
Top Results
No results found. Please check your search term and try again
Can't find what you're looking for?
View all search resultsHong Kong overtakes Switzerland as world's top cross-border wealth hub
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
People cross a street in Western district of Hong Kong on July 15, 2025. (AFP/Peter Parks)
H
ong Kong has overtaken Switzerland as the top global booking center for cross-border wealth, a first that is unlikely to be reversed as hubs in Asia grow faster than the European safe-haven, Boston Consulting Group said on Wednesday.
Wealth from China and an IPO boom in 2025 helped Hong Kong rise to a US$2.95 trillion offshore behemoth for the world's rich, narrowly surpassing Switzerland's $2.94 trillion in cross-border wealth, according to BCG's 2026 Global Wealth Report.
"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," the authors said.
Both Hong Kong and Singapore are projected to continue growing as cross-border booking centers at around 9 percent annually through 2030, compared to an expected 6 percent average in Switzerland over the same period.
Cross-border wealth globally grew 8.4 percent to $15.7 trillion last year, driven by strong markets and more demand for geographical diversification, and it flowed overwhelmingly to the world's top 10 booking centers, further boosting concentration, BCG added.
Client proximity matters
Despite slower growth rates, Switzerland's diversification may prove an advantage as it draws clients from all regions, while the Asian hubs largely depend on growth in China, the report added.
"Geopolitical uncertainty reaffirms Switzerland's role as a core global booking centers, attracting flight-to-safety flows from more volatile regions such as the Middle East," BCG said.
Wealthy individuals have been looking to shift assets from the Gulf region to Switzerland in the wake of the ongoing conflict, bankers and financial advisers have told Reuters.
"What ultimately matters is client proximity," said Michael Kahlich, who co-authored the BCG report, adding that two hubs are forming globally – Singapore and Hong Kong for Asia, and Switzerland, the UK, and the US for the Western region.
As being close to clients has become more important, Swiss banks have expanded to other major hubs, Kahlich added. "UBS is number one in wealth management in both Singapore and Hong Kong," he said.
