Asia takes lead: Hong Kong overtakes Switzerland as world’s largest wealth hub

For decades, Switzerland was the undisputed home of offshore wealth. That era may be changing. Hong Kong has overtaken Switzerland for the first time to become the world's largest cross-border wealth hub, underscoring a major shift in global capital flows and wealth creation. 

According to Boston Consulting Group's (BCG) Global Wealth Report 2026: The Great Reordering, cross-border wealth booked in Hong Kong rose 10.7 per cent in 2025 to $2.9 trillion, fuelled by mainland Chinese inflows, a revival in IPO activity and strong equity market gains. The development reflects Asia's growing influence over the global wealth landscape. 

Shift in the centre of gravity 

The report suggests global wealth is becoming increasingly concentrated in a handful of highly connected financial centres. While Switzerland has long dominated offshore wealth management, Hong Kong's ascent highlights the rising pull of Asian investors and capital markets. 

Global cross-border wealth grew 8.4 per cent in 2025 to reach $15.7 trillion, with the top ten booking centres capturing nearly 90 per cent of new offshore wealth flows. 

BCG says two distinct wealth networks are emerging. One is anchored by Hong Kong and Singapore, serving mainland China, India and Southeast Asia. The other centres on Switzerland, the United States and the United Kingdom, catering to European, Middle Eastern and Latin American wealth. 

Singapore strengthened its position as Asia's most diversified offshore wealth centre, while the UAE remained among the world's fastest-growing booking hubs, recording 11.1 per cent growth in cross-border wealth during 2025. 

Global wealth defies geopolitical turbulence 

The findings come despite a year marked by trade disputes, tariff tensions and geopolitical uncertainty. 

Global financial wealth climbed 10.7 per cent in 2025 to $333 trillion. Including real assets such as property and land, worldwide net wealth approached $550 trillion. 

Western Europe recorded the strongest growth among major regions, with wealth rising 15.3 per cent, aided by favourable currency movements and high household savings. Mainland China's financial wealth expanded 15 per cent and is projected to grow at 9 per cent annually through 2030. 

North America's wealth growth, meanwhile, slowed to 7.4 per cent, with gains concentrated among a small group of technology giants. 

India among EMs driving next wealth boom 

One of the report's clearest trends is the growing role of emerging economies in wealth creation. 

Emerging markets are expected to add nearly $7 trillion in financial wealth by 2030, led by India, Brazil and Mexico. The affluent-and-above segment — individuals with more than $250,000 in financial wealth — is forecast to expand by about 8 per cent annually across these markets. 

That growth could create more than one million new millionaires by the end of the decade. 

BCG argues this segment remains underserved as many international wealth managers shift their focus to ultra-high-net-worth clients amid rising compliance costs and tighter regulations. The gap presents a major opportunity for local banks, regional financial institutions and independent advisers, particularly in fast-growing markets such as India. 

Asia's succession challenge 

Alongside wealth creation, Asia is approaching one of the largest intergenerational wealth transfers in its history. 

In Singapore, Malaysia and Indonesia, 40-50 per cent of major enterprises remain founder-led, with many founders now over 70. As these fortunes pass to the next generation, wealth managers are increasingly being called upon to help families navigate governance, ownership structures and succession planning. 

The challenge is no longer simply about transferring assets but about preserving businesses and managing increasingly complex, globally dispersed wealth. 

AI begins to transform wealth management 

The report also highlights the growing impact of artificial intelligence on wealth management. 

AI-powered tools are already drafting financial plans, automating compliance documentation, generating portfolio rationales and predicting client behaviour. According to BCG, firms that redesign operations around AI could unlock productivity gains of 25-30 per cent while increasing revenue per adviser by 15-20 per cent. 

The result could be a widening divide between firms that fully integrate AI into their advisory and operating models and those that continue to rely on traditional processes. 

As emerging markets mint new millionaires, family wealth changes hands across Asia and AI transforms financial services, the global wealth industry is entering a new phase — one in which the centre of financial gravity is steadily shifting eastward.