Hong Kong overtakes Switzerland as top global cross-border wealth hub when it comes to relations with China, report says

Hong Kong has overtaken Switzerland as the world’s leading center for cross-border wealth booking, a first that is unlikely to be reversed as hubs in Asia are growing faster than the European safe haven, the Boston Consulting Group said on Wednesday.

Wealth from China and the 2025 IPO boom have helped Hong Kong become a $2.95 trillion offshore giant for the world’s rich, narrowly surpassing Switzerland’s $2.94 trillion in cross-border wealth, according to BCG’s 2026 Global Wealth report.

“Hong Kong is consolidating its role as China’s gateway to global markets, even as this same concentration closely links its trajectory to economic and regulatory developments on the mainland,” the authors said.

Hong Kong and Singapore are expected to continue to grow as cross-border booking hubs at an annual rate of around 9% through 2030, compared to an expected average of 6% in Switzerland over the same period.

Cross-border wealth increased 8.4% globally to $15.7 trillion last year, driven by strong markets and increased demand for geographic diversification, and it flowed largely to the world’s 10 largest booking centers, further increasing concentration, BCG added.

Customer proximity is important

Despite slower growth rates, Switzerland’s diversification could prove an advantage as it attracts customers from all regions, while Asian hubs are largely dependent on Chinese growth, the report added.

“Geopolitical uncertainty reaffirms Switzerland’s role as a leading global booking hub, attracting flight flows to safety from more volatile regions like the Middle East,” BCG said.

High-net-worth individuals are seeking to move their assets from the Gulf region to Switzerland following the ongoing conflict, bankers and financial advisers told Reuters.

“What ultimately matters is proximity to the customer,” said Michael Kahlich, co-author of the BCG report, adding that two hubs were forming globally: Singapore and Hong Kong for Asia, and Switzerland, the United Kingdom and the United States for the Western region.

As proximity to customers has become increasingly important, Swiss banks have expanded to other major centers, Kahlich added. “UBS is the number one wealth manager in Singapore and Hong Kong,” he said.

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