Hong Kong has overtaken Switzerland for the first time as the world’s largest cross-border wealth booking hub, according to BCG’s 2026 Global Wealth Report. Offshore assets booked in the city rose 10.7% in 2025 to about $2.9 trillion. Reuters cited more precise figures of $2.95 trillion for Hong Kong and $2.94 trillion for Switzerland, meaning the lead is narrow but symbolically important.

The shift is being driven by mainland Chinese capital, a stronger Hong Kong equity market and renewed IPO activity. BCG says mainland-related flows account for more than 60% of Hong Kong’s assets under management in this segment. That strengthens the city’s role as China’s gateway to global markets, but it also ties its outlook closely to mainland economic conditions and regulatory risk.

For global wealth management, the message is clear: the center of gravity is moving further toward Asia. Switzerland remains a powerful and diversified safe-haven hub, especially for Western European and Middle Eastern wealth. But BCG expects Hong Kong and Singapore to grow faster than Switzerland through 2030, suggesting the gap could widen if Asian wealth creation and capital-market activity remain strong.