According to BCG's "Global Wealth Report 2026", Hong Kong (China) became the world's largest cross-border wealth management center for the first time, managing 2,950 billion USD, surpassing Switzerland's 2,940 billion USD.

The special administrative region rose to the top due to an influx of assets from mainland China and a booming wave of initial public offerings (IPOs) in 2025. The report stated, "Hong Kong strengthens its role as China's gateway to global markets."

BCG noted that this administrative region's position is unlikely to change as financial centers in Asia are growing faster than Europe's "safe havens". Cross-border assets managed by Hong Kong and Singapore are projected to increase by about 9% annually until 2030, compared to Switzerland's 6%.

However, Switzerland maintains an advantage due to a diverse client base from various regions, while Asian financial centers heavily rely on China's growth. BCG stated, "Geopolitical instability is re-affirming Switzerland's role as a core global wealth hub, attracting capital seeking safe haven from volatile regions like the Middle East."

Sources from Reuters' bankers and financial advisors also indicated that wealthy individuals are seeking to transfer assets from the Gulf region to Switzerland due to prolonged conflicts.

Global cross-border wealth management market share of financial centers. Graphics: Reuters

Michael Kahlich, co-author of the BCG report, observed that the world is forming two major wealth management clusters: Singapore and Hong Kong for Asia, and Switzerland, the UK, and the US for the West. "Proximity to clients remains crucial," he stated.

BCG reported that global cross-border assets increased by 8,4% last year, reaching 15,700 billion USD, driven by thriving financial markets and a growing demand for geographical diversification. Most of this capital flowed into the world's 10 largest financial centers, leading to increasing concentration.

As client proximity becomes increasingly important, Swiss banks are also expanding their presence into other major financial centers. Michael noted, "UBS is currently a leader in wealth management in both Singapore and Hong Kong."

Phien An (according to Reuters)