Hong Kong has overtaken Switzerland for the first time in cross-border wealth management, according to a study by the Boston Consulting Group published on Wednesday. Based on the volume of foreign capital under management in 2025, there were $2.95 trillion of overseas assets in Hong Kong compared with $2.946 trillion in Switzerland. The study said Hong Kong’s greater volume – up 10.7 percent on the previous year – was driven by “mainland China inflows, strong IPO activity, and equity market gains”.
Switzerland saw a 7.6-percent increase in the same period. Cross-border wealth flows intensified in 2025 despite geopolitical tensions and trade uncertainties, increasing by 8.4 percent to reach $15.7 trillion worldwide, as investors sought to diversify their assets. “We are seeing wealth creation, cross-border capital flows, and investment ecosystems increasingly concentrate into a smaller number of globally connected hubs,” said Michael Kahlich, a co-author of the study, from BCG in Zurich. “Hong Kong’s rise reflects the growing gravitational pull of Asian wealth and capital markets.” Switzerland, though, remains a key financial centre, offering stability and neutrality in an uncertain geopolitical context, the study said.