Hong Kong overtakes Switzerland as world's largest wealth hub

Hong Kong has emerged as the world's largest cross-border wealth hub, with offshore assets booked in the city surging 10.7 percent to US$2.9 trillion in 2025, according to Boston Consulting Group's 2026 Global Wealth Report. The territory has overtaken Switzerland, driven by an influx of mainland Chinese capital and a revival in the local equity market, with BCG forecasting the gap between Hong Kong and Switzerland to widen to nearly US$600 billion by 2030. This growth has directly fueled Hong Kong's family office ecosystem, with single-family offices expanding 25 percent from 2023 to reach 3,384 by the end of 2025, while over 1,000 manage more than US$100 million each. The shift comes as global private fortunes reach US$333 trillion, their fastest expansion since 2021, defying tariffs and macroeconomic instability. Hong Kong and Singapore are forming an expanding ecosystem serving Asian capital, while Switzerland, the United States and Britain remain primary conduits for European, Middle Eastern and Latin American wealth. "We are seeing wealth creation, cross-border capital flows and investment ecosystems increasingly concentrate into a smaller number of globally connected hubs," said BCG managing director Michael Kahlich, noting that Hong Kong's rise reflects "the growing gravitational pull of Asian wealth and capital markets." Simultaneously, Hong Kong has finalized its regulatory framework for the digital asset industry, completing a public consultation on a new licensing regime for firms advising on and managing virtual assets. Under the new rules, companies not holding client assets must maintain a minimum liquid capital of HK$100,000, while all other firms require at least HK$5 million in paid-up share capital and HK$3 million in liquid capital. SFC chief executive Julia Leung Fung-yee said the conclusion of this consultation marked "the final leg of our journey to complete the regulatory framework for digital assets," as the government pushes to extend tax concessions to more asset classes and attract more Middle Eastern ultra-wealthy investors to sustain the momentum.