The world’s wealthy have switched “safe havens”: Switzerland has been overtaken by a new financial hub
28 May 11:58
Hong Kong has become the world’s largest hub for cross-border private capital, surpassing Switzerland. According to the Boston Consulting Group’s Global Wealth Report 2026, the volume of offshore assets held in Hong Kong grew by 10.7% in 2025.
This was reported by "Komersant Ukrainian" citing Bloomberg.
Hong Kong’s rapid growth is attributed to capital inflows from mainland China, a revival of the local stock market, and the active development of family offices.
Hong Kong has become the new leader among offshore financial hubs
Hong Kong narrowly, but nonetheless, surpassed Switzerland to become the largest center for cross-border private wealth management.
According to BCG, offshore assets in Hong Kong grew to $2.9 trillion in 2025. This allowed the city to overtake the traditional global leader—Switzerland, which for decades was considered the primary location for storing and managing private capital.
Asian capital, primarily funds from mainland China, was the key driver of this growth.
Why Hong Kong Overtaken Switzerland
Analysts attribute Hong Kong’s success to several factors. First, Asia is rapidly accumulating private wealth. Second, China maintains a strong industrial base and generates a large amount of new capital. Third, Hong Kong’s initial public offering (IPO) market is recovering.
It is the combination of capital from China, access to international financial markets, and Hong Kong’s role as an Asian financial bridge that has made the city attractive to ultra-high-net-worth clients.
BCG forecasts that by 2030, the gap between Hong Kong and Switzerland could widen to nearly $600 billion.
Global private wealth has grown to $333 trillion
The shift in leadership among offshore centers occurred against the backdrop of overall growth in global private wealth. According to BCG estimates, global private wealth has been growing at its fastest pace since 2021 and has already reached $333 trillion.
This occurred despite tariffs, macroeconomic instability, geopolitical conflicts, and market volatility.
Hong Kong and Singapore are increasingly forming a distinct financial ecosystem for Asian capital. Meanwhile, Switzerland, the U.S., and the U.K. remain key hubs for wealth from Europe, the Middle East, and Latin America.
Asian capital is concentrated in Hong Kong and Singapore
According to Michael Calich, managing director and partner at BCG, global wealth flows are increasingly concentrated in a small number of globally connected financial centers.
“We see that wealth creation, cross-border capital flows, and investment ecosystems are increasingly concentrated in a smaller number of globally connected hubs,” he noted.
In his view, Hong Kong’s growth reflects the growing role of Asian wealth and capital markets.
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Family offices in Hong Kong have grown by 25%
The growth of private wealth has directly fueled the development of family offices in Hong Kong. These are structures that manage the assets of ultra-high-net-worth families.
The number of single-family offices in Hong Kong grew by 25% compared to 2023, reaching 3,384 by the end of last year.
According to a Deloitte study commissioned by the government, each of these offices manages at least $10 million. Over 1,000 family offices control assets worth $100 million or more.
Hong Kong is banking on low taxes and the capital market
After years of pandemic restrictions and political changes, Hong Kong is trying to restore its appeal to the global financial elite.
The city is actively promoting several advantages:
- low taxes;
- a deep talent pool;
- access to Chinese capital;
- a developed financial infrastructure;
- a vibrant stock market;
- revival of the IPO market;
- status as an international financial center.
This strategy is already working. Due to geopolitical instability, particularly in the Middle East, ultra-high-net-worth investors are increasingly looking to Asia as a destination for asset diversification.
Hong Kong wants to attract even more wealthy investors
Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, stated that the government plans to extend tax incentives to a wider range of asset classes.
He also noted that the number of participants from the Middle East has noticeably increased at wealth management events in Hong Kong.
This indicates that the city is actively competing not only with Switzerland, but also with Singapore, London, Dubai, and other private wealth management hubs.
What this means for Switzerland
Switzerland remains one of the world’s most important financial centers. It continues to serve a significant portion of European, Middle Eastern, and Latin American private capital.
However, losing the top spot to Hong Kong shows that the center of gravity of global wealth is gradually shifting toward Asia.
For Switzerland, this means increased competition for ultra-high-net-worth clients, family offices, and international capital.
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