Hong Kong has overtaken Switzerland to become the world's largest cross-border wealth management center, driven by mainland capital inflows and a robust stock market. According to a report released by Boston Consulting Group (BCG), both Hong Kong and Switzerland held cross-border wealth management assets of $2.9 trillion in 2025. However, Hong Kong's year-on-year growth of $284 billion, representing a 10.7% increase, exceeded Switzerland's growth of $207 billion and 7.6% rate, securing the top position for the first time.
The report highlights that mainland capital accounts for over 60% of Hong Kong's asset management scale, reinforcing its role as a gateway for mainland China to global markets. It is projected that Hong Kong's cross-border wealth management sector will maintain an annual growth rate of approximately 9% through 2030. Meanwhile, as wealth centers in Asia outpace Switzerland's growth, Switzerland is unlikely to reclaim the lead.
BCG's "Global Wealth Report 2026: The Great Reordering" notes that amid trade wars, tariff policies, and heightened geopolitical tensions, global financial wealth grew by 10.7% in 2025 to $333 trillion, marking the fastest growth rate since 2021. Including physical assets, net wealth reached $550 trillion, a 9.3% increase. Cross-border wealth rose by 8.4% annually to $15.7 trillion, with the top ten wealth management centers attracting nearly 90% of new inflows, indicating a trend toward greater concentration.
The report compares the advantages of Hong Kong, Switzerland, and Singapore as the world's three major cross-border wealth management centers. Hong Kong's 10.7% growth to $2.9 trillion is attributed to mainland capital inflows and a strong stock market, featuring significant IPO activity and robust growth in heavily weighted internet platform sectors. This heavy reliance also means Hong Kong's development is influenced by mainland economic and regulatory policies. Nonetheless, the market is expected to reach $4.6 trillion by 2030, surpassing global averages.
Switzerland's cross-border wealth management assets also stood at $2.9 trillion in 2025, with a 7.6% growth rate. Its client base primarily serves Western Europe, with minimal capital inflows from competitive markets like Hong Kong. The report views this positioning as an advantage, as geopolitical uncertainties bolster Switzerland's status as a core global wealth management hub, attracting safe-haven funds from turbulent regions such as the Middle East. Switzerland's market is forecast to grow at an average annual rate of about 6%, reaching $4 trillion by 2030.
Singapore positions itself as Asia's most diversified wealth center, acting as a neutral conduit between Asian and Western capital markets. This role has made it a beneficiary of safe-haven funds amid U.S.-China tensions. Regulatory stability, institutional credibility, and a strong wealth management ecosystem have attracted over 2,000 single-family offices and more than 100 independent wealth management firms. In 2025, Singapore's cross-border wealth grew by 10.3% to $2.1 trillion, with an expected annual growth rate of about 9% over the next five years, reaching $3.3 trillion.
The report also mentions that the U.S. cross-border wealth management scale grew by 7.7% to $1.6 trillion in 2025, as tariff uncertainties and a weaker dollar dampened demand and reduced inflows from other regions. Latin American wealth remains a stable source of support for U.S. cross-border assets. The U.S. is projected to see an annual growth rate of around 6% over the next five years, reaching $2.1 trillion.
For future competition among cross-border wealth management centers, the report points out that the drivers of wealth creation and the ultimate destinations of wealth are converging at an unprecedented and accelerating pace. Centers with deep capital markets, political stability, and genuine cross-border influence are growing rapidly, making it increasingly difficult for other regions to close the gap.