ZURICH: Hong Kong has overtaken Switzerland as the top global booking centre for cross-border wealth, a first that is unlikely to be reversed as hubs in Asia grow faster than the European safe-haven, Boston Consulting Group said on Wednesday.
Wealth from China and an IPO boom in 2025 helped Hong Kong rise to a $2.95 trillion offshore behemoth 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 cementing its role as China's gateway to global markets, though that same concentration ties its trajectory tightly to economic and regulatory developments on the mainland," the authors said.
Both Hong Kong and Singapore are projected to continue growing as cross-border booking centres at around 9% annually through 2030, compared to an expected 6% average in Switzerland over the same period.
Cross-border wealth globally grew 8.4% to $15.7 trillion last year, driven by strong markets and more demand for geographical diversification, and it flowed overwhelmingly to the world's top 10 booking centres, further boosting concentration, BCG added.
CLIENT PROXIMITY MATTERS
Despite slower growth rates, Switzerland's diversification may prove an advantage as it draws clients from all regions, while the Asian hubs largely depend on growth in China, the report added.
"Geopolitical uncertainty reaffirms Switzerland's role as a core global booking centre, attracting flight-to-safety flows from more volatile regions such as the Middle East," BCG said. Wealthy individuals have been looking to shift assets from the Gulf region to Switzerland in the wake of the ongoing conflict, bankers and financial advisers have told Reuters.
"What ultimately matters is client proximity," said Michael Kahlich, who co-authored the BCG report, adding that two hubs are forming globally - Singapore and Hong Kong for Asia, and Switzerland, the UK, and the U.S. for the Western region.
As being close to clients has become more important, Swiss banks have expanded to other major hubs, Kahlich added. "UBS is number one in wealth management in both Singapore and Hong Kong," he said.
