Hong Kong overtakes Switzerland as world's largest hub for managing foreign clients' wealth

(Patria) - Hong Kong has overtaken Switzerland for the first time to become the world's largest hub for managing foreign clients' wealth, according to a report released today, May 27, by the consulting firm Boston Consulting Group (BCG) in its Global Wealth Report for 2026.

In practice, this means that the largest number of wealthy foreign clients keep their money and assets in Hong Kong, with a total value of $2.95 trillion, slightly more than Switzerland, where $2.94 trillion in assets of wealthy foreign clients are held, BCG states.

Hong Kong's growth has been fueled by capital inflows from the rest of China and a strong wave of initial public offerings (IPOs) during 2025, NBC News reports.

The report's authors stated that Hong Kong is further solidifying its position as China's main financial center for accessing global capital markets, but its development is also strongly linked to economic and regulatory trends in mainland China.

What are the forecasts for Hong Kong and Singapore?

According to BCG's estimates, both Hong Kong and Singapore are expected to continue growing as leading Asian centers for managing foreign wealth, at an average annual rate of about nine percent by 2030.

At the same time, Switzerland is expected to grow at a slower pace of about six percent annually.

BCG notes that Switzerland's advantage lies in its geographical and client diversification, as it attracts wealthy clients from all over the world, while Asian centers largely depend on the growth of the Chinese market.

Geopolitical tensions have further strengthened Switzerland's position as a safe financial haven, especially due to capital inflows from unstable regions.

Bankers and financial advisors told Reuters that wealthy clients have increasingly been transferring assets from the Persian Gulf countries to Switzerland in recent months due to the war in the Middle East.

According to the report's authors, two main wealth management centers are currently forming globally: Singapore and Hong Kong for Asia, and Switzerland, the United Kingdom, and the United States for Western markets.