Hong Kong dethrones Switzerland as global cross-border wealth capital, report shows

Hong Kong has overtaken Switzerland to become the world’s largest cross-border wealth booking centre for the first time, according to Boston Consulting Group’s (BCG) 2026 Global Wealth Report. The change signals a broader realignment in global offshore wealth flows, with Asia increasingly outpacing traditional European financial hubs.

BCG estimates Hong Kong’s cross-border wealth at around $2.95 trillion, slightly ahead of Switzerland’s $2.94 trillion.

The report attributes this rise to strong inflows from mainland China and an active capital markets environment in 2025, including significant IPO activity and gains in major internet-linked equities. Cross-border wealth in Hong Kong increased by 10.7 per cent, reinforcing its position at the centre of Asia’s wealth architecture. As BCG noted, this is the first time Hong Kong has “narrowly overtaken Switzerland as the world’s largest cross-border booking centre.”

China-driven flows define Hong Kong’s expansion

The report highlights that more than 60 per cent of assets managed in Hong Kong are linked to mainland China, making the city a key conduit between Chinese capital and global investors. This concentration has supported rapid growth but also creates dependence on mainland economic and regulatory conditions. BCG observes that Hong Kong is 'cementing its role as China’s gateway to global markets,' while also noting that its trajectory remains closely tied to developments within China. Growth is projected to average about 9 per cent annually through 2030.

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Singapore is also strengthening its position as a diversified Asian wealth hub. Cross-border wealth in the city-state rose 10.3 per cent in 2025, supported by stable regulation and rising institutional participation. The jurisdiction has attracted more than 2,000 single-family offices and over 100 independent wealth management firms, reinforcing its role as a neutral platform between Eastern and Western capital flows.

Switzerland holds ground through diversification and safety appeal

Switzerland remains a major global booking centre with roughly $2.94 trillion in cross-border wealth and growth of 7.6 per cent. Unlike Asian centres, its client base is widely spread across Western Europe and other regions, reducing reliance on any single growth driver. This diversification may support long-term stability.

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BCG notes that Switzerland continues to benefit from periods of geopolitical stress. It stated that “geopolitical uncertainty reaffirms Switzerland’s role as a core global booking centre, attracting flight-to-safety flows from more volatile regions such as the Middle East.” Reports cited by Reuters also point to ongoing asset shifts from parts of the Gulf region into Swiss institutions amid regional tensions.

A concentrated global system built around client proximity

Across the world, cross-border wealth rose 8.4 per cent to $15.7 trillion, but increasingly flows through a small group of leading hubs. Both Hong Kong and Singapore are expected to grow at about 9 per cent annually through 2030, compared with Switzerland’s projected 6 per cent.

BCG co-author Michael Kahlich emphasised that “what ultimately matters is client proximity,” noting the emergence of two global clusters: Asia centred on Hong Kong and Singapore, and the Western system anchored by Switzerland, the UK, and the United States. Wealth management leaders, including UBS, already reflect this shift with strong positioning across multiple hubs.