Hong Kong Overtakes Switzerland as Largest Cross-Border Wealth Hub

According to a BCG report, the total foreign funds managed by Hong Kong last year grew to $2.95 trillion - marginally higher than Switzerland’s $2.94 trillion. In the coming years, Hong Kong is projected to further strengthen its lead. Boston Consulting Group (BCG) forecasts that by 2030, Hong Kong will manage $4.6 trillion in cross-border wealth, while Switzerland is forecast to manage a much lower $4.0 trillion.

Hong Kong’s growth is being driven by massive capital flows from mainland China, which last year accounted for over 60% of HK’s assets under management. Other factors propelling HK are a thriving stock market, strong IPO activity, and major rallies in internet stocks.

Switzerland lost its top spot for cross-border wealth to Hong Kong because its core business remains anchored to the western markets, which have seen slower economic growth. This traditional geographic focus left Switzerland largely isolated from the massive, high capital inflows and rapid wealth generation that propelled its Asian rival.

However, amid the ongoing West-Asia conflict, Switzerland may regain momentum because severe geopolitical instability is likely to encourage investors to prioritize capital preservation by leveraging Switzerland's historic reputation for political stability, and secure booking centers.

Following Switzerland, Singapore has risen to the third position in cross-border wealth hubs - by serving as a trusted channel between Eastern and Western markets, and attracting investors seeking safety amid rising US-China tensions, the report indicates. Singapore’s cross-border wealth is projected to see annual growth of approximately 9% over the next five years.

Prior to the West Asia war, the UAE also noted a significant rise in global wealth, with cross-border assets rising 11.1% to $721 billion in 2025. This growth was driven by the rapid development of financial infrastructure in Dubai and Abu Dhabi, alongside the country's growing appeal as a secondary home for wealthy foreigners.

Emerging markets, led by India, Brazil, and Mexico are forecast to add about $7 trillion in financial wealth by 2030. This surge is rapidly minting a new class of affluent individuals. HNIs holding investable assets between $250,000 and $5 million are forecast to grow by 8% every year for the next 5 years. The BCG report states that this booming segment is underserved because global wealth managers are focusing exclusively on the ultra-rich. The global wealth management ecosystem has yet to catch up to the emerging affluent, and that is where the opportunity lies for banking institutions.