Hong Kong has overtaken Switzerland to become the world’s largest cross-border wealth hub, driven by strong initial public offering (IPO) activity and capital inflows from mainland China, according to a report from the Boston Consulting Group (BCG).

Cross-border wealth booked in Hong Kong grew by 10.7 percent in 2025, reaching approximately US$2.95 trillion, narrowly surpassing Switzerland’s US$2.94 trillion after it experienced 7.6 percent growth the previous year. The report, released on Wednesday, highlights a significant shift in the geography of global wealth, with Michael Kahlich, a managing director at BCG and co-author of the report, noting Hong Kong’s rise reflects the increasing influence of Asian wealth and capital markets. He added that cross-border capital flows have become concentrated among a smaller number of globally connected centers.

The findings underscore Hong Kong’s role as a critical bridge between mainland China and international capital markets. Over the past three years, Hong Kong Exchanges and Clearing (HKEX) has eased regulations on equity and debt financing as well as commodity trading to enhance cross-border investment and trading activity. This strategy aims to establish Hong Kong as a multi-asset platform and solidify its status as an international financial hub.

The report also emphasizes that while Hong Kong is cementing its position as China’s gateway to global markets, its growth remains closely tied to mainland China’s economic and regulatory environment. Projections indicate cross-border wealth in Hong Kong could grow at an annual rate of around 9 percent through 2030, maintaining its lead over Switzerland, which is expected to grow at about 6 percent annually during the same period.

Christopher Hui Ching-yu, Hong Kong’s Secretary for Financial Services and the Treasury, highlighted the city’s accomplishments in a LinkedIn post. He cited net inflows of HK$357 billion (US$45.6 billion) in Hong Kong-domiciled Securities and Futures Commission-authorized funds during 2025—a 119 percent year-on-year increase—and an additional HK$97 billion in the first quarter of 2026. Hui expressed confidence that Hong Kong will remain a premier destination for asset owners seeking to allocate investments and preserve family wealth amid global uncertainties.

Hong Kong also reclaimed the global IPO lead last year for the first time since 2019, hosting 114 listings that raised US$37.2 billion. This momentum continued into the first quarter of 2026, with 37 companies raising approximately US$13.26 billion on the city’s main board—a 453 percent increase year-over-year. Data from HKEX showed about 500 listing candidates, mostly mainland-based firms, awaiting fundraising in Hong Kong, up from 300 at the end of 2025.

Globally, the BCG report found financial wealth increased 10.7 percent last year to US$333 trillion despite ongoing trade tensions and geopolitical instability. Including real assets, global net wealth rose to nearly US$550 trillion. Cross-border wealth worldwide expanded 8.4 percent to US$15.7 trillion, with the top 10 booking centers capturing nearly 90 percent of new offshore flows. Besides Hong Kong and Switzerland, Singapore and the United States ranked third and fourth, respectively, while the United Kingdom held fifth place. Singapore, in particular, strengthened its position as Asia’s most diversified offshore wealth center, benefiting from safe-haven inflows and continued growth in its wealth management ecosystem.