Hong Kong Overtakes Switzerland as World’s Top Hub for Offshore Wealth

Hong Kong has overtaken Switzerland as the leading global booking centre for cross-border wealth for the first time, a position experts say is unlikely to be reversed as Asian hubs grow faster than their European rival.

According to Boston Consulting Group’s (BCG) 2026 Global Wealth Report, Chinese wealth and a surge in initial public offerings last year pushed Hong Kong’s offshore assets to $2.95 trillion.

That narrowly edged out Switzerland’s $2.94 trillion in cross-border wealth.

“Hong Kong is cementing its role as China’s gateway to global markets, though that same concentration ties its trajectory tightly to economic and regulatory developments on the mainland,” the report’s authors said.

Both Hong Kong and Singapore are forecast to grow as cross-border booking centres by about 9 per cent a year through 2030.

Switzerland is expected to expand at a slower rate of 6 per cent over the same period.

Global cross-border wealth rose 8.4 per cent to $15.7 trillion in 2025, driven by strong markets and rising demand for geographical diversification.

BCG said the gains flowed overwhelmingly to the world’s top 10 booking centres, further concentrating assets in a handful of hubs.

Despite the slower growth, Switzerland’s broader client base may give it an edge.

The country draws clients from all regions, while Hong Kong and Singapore remain heavily dependent on Chinese wealth.

“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,” BCG said.

Wealthy individuals have been shifting assets out of the Gulf region into Switzerland in response to ongoing conflict, according to bankers and financial advisers who spoke to Reuters.

“What ultimately matters is client proximity,” said Michael Kahlich, co-author of the BCG report.

Kahlich added that two distinct hubs are emerging: Singapore and Hong Kong for Asia, and Switzerland, the UK and the US for the Western region.

As proximity to clients becomes more important, Swiss banks have expanded into other major hubs.

“UBS is number one in wealth management in both Singapore and Hong Kong,” Kahlich said.