In Depth: How Hong Kong Became a Global Wealth Magnet

Hong Kong has experienced significant growth in its wealth management business, becoming one of the world’s leading centers for cross-border wealth. In 2024, cross-border wealth booked in Hong Kong surged by $231 billion, reaching a total of $2.7 trillion. This placed Hong Kong on par with Switzerland, historically the global leader in cross-border wealth management, according to the Boston Consulting Group's Global Wealth Report. Notably, the increase was the largest of any region worldwide in 2024. [para. 2]

Supporting this trend, figures from Hong Kong’s Securities and Futures Commission (SFC) highlighted a remarkable 81% rise in net fund inflows to the city’s wealth and asset management industry in 2024, reaching HK$705 billion ($90.7 billion). Additionally, private banking and wealth management assets under management climbed by 15%, surpassing HK$10 trillion. [para. 3] These statistics align with commentary from Hong Kong Monetary Authority Chief Executive Eddie Yue, who noted at a 2024 summit that continued growth would be fueled by Asia’s burgeoning wealth and a global push for asset diversification amid geopolitical uncertainties. [para. 4]

The expansion in business has been mirrored by job growth; as of August 2024, major private banks in Hong Kong increased their private wealth management staff by nearly 400 people, a 12% rise over two years. [para. 5] Despite a focus on the IPO market in 2025, wealth management hiring was described as “on fire” by a seasoned banker. [para. 6]

Hong Kong’s wealth management sector began its recovery from the pandemic only in 2023, with a robust rebound in 2024 reflected in a 13% growth of combined asset and wealth management businesses, per the SFC. [para. 7] Hong Kong has maintained advantages such as a strong regulatory environment, deep capital markets, a skilled workforce, and extensive experience as a gateway to mainland China, according to an HSBC Private Bank report. [para. 8]

A critical driver of growth has been Hong Kong’s deepening connection to mainland China. Many Chinese companies expanding globally have used Hong Kong as the primary hub for managing offshore wealth. This trend, alongside the city’s surging IPO activity and embrace of digital assets, has generated increased demand for wealth management services. [para. 9][para. 10]

Chinese companies increasingly seek global asset allocation for executives operating across regions, prompting firms like Raffles Family Office to expand into new markets like the UAE. Ordinary mainland Chinese have also contributed, as new insurance policy premiums purchased by them in Hong Kong hit HK$62.8 billion in 2024, the highest since 2016 and accounting for a third of Hong Kong’s total new premiums. [para. 14] Products on offer often complement mainland offerings with flexible options and higher returns, attracting additional capital flows to Hong Kong. [para. 15]

Schemes like Cross-Boundary Wealth Management Connect, linking Hong Kong, Macao, and Guangdong, saw explosive participation, with over 160,000 retail investors by June 2025. The scheme is expected to expand to Shanghai and Beijing. [para. 16] This two-way dynamic enables Hong Kong firms to assist both Chinese investors diversifying overseas and global investors accessing China. [para. 17]

A surging IPO market in 2025 made Hong Kong the world’s top IPO venue, with over HK$274 billion raised, spawning new high-net-worth clients. [para. 18][para. 19] Hong Kong has also aggressively built a regulatory framework for digital assets, attracting both crypto and traditional investors. Digital assets now form about 10% of portfolios at Raffles Family Office, and increased crypto regulation in Singapore has redirected talent and money to Hong Kong. [para. 21][para. 22] As of October 2024, 51 asset managers had licenses enabling digital asset activities, highlighting Hong Kong’s commitment to integrating digital assets into mainstream wealth management. [para. 23]