Hong Kong has overtaken Switzerland as the world’s biggest cross-border wealth hub for the first time, as an influx of investment from the Chinese mainland helped it eclipse the traditional haven.

Wealth managers in the Chinese territory booked $2.9tn of international assets in 2025, according to estimates from the Boston Consulting Group. About 60 per cent of that came from mainland China, with BCG forecasting that the rapid increase in Asian fortunes would widen the gap between Hong Kong and Switzerland to almost $600bn by the end of the decade.

China’s growth has been bolstered by a return of equity capital markets activity in Hong Kong that has allowed companies to raise funds offshore, as well as the country’s manufacturing dominance in sectors such as electric vehicles.

But the rise of the Asian city as a cross-border hub also reflects broader shifts in global wealth flows, with clients seeking to spread their assets across multiple jurisdictions to hedge against geopolitical tensions, sanctions risks and political instability. “This is a completely new phenomenon. I haven’t seen anything like it,” said Michael Pellman Rowland at Baseline Wealth Management, a Swiss-based independent manager with global clients….