Hong Kong has matched Switzerland as the world’s largest cross-border wealth hub, and Boston Consulting Group says the city is on track to pull ahead before the decade ends. The firm said Hong Kong holds $2.9 trillion of cross-border wealth flows, a figure that now puts it level with the long-dominant Swiss market.
That ranking matters now because BCG’s latest wealth report shows the center of gravity in global finance is shifting in real time. Cross-border wealth rose 8.4 per cent to $15.7 trillion in 2025, and the top 10 booking centers captured almost 90 per cent of new flows while holding more than 80 per cent of the existing stock. In that concentration, the lead position is no longer symbolic. It is where the biggest pools of mobile money are being booked, managed and fought over.
BCG projects Hong Kong will rise to $4.6 trillion by the end of the decade, ahead of Switzerland’s expected $4 trillion. Singapore, which reached $2.1 trillion at the end of 2025, is forecast to expand to $3.3 trillion, while the US, the fourth-largest cross-border financial center, had $1.6 trillion last year and is expected to rise to $2.1 trillion by 2030. The report also said total global financial wealth increased 10.7 per cent from a year ago to $333 trillion, while net wealth including real assets such as property reached $550 trillion.
The scale of the shift is even clearer when the asset mix is stripped back to what drove it. Equities surged 13.2 per cent, real assets expanded 7.4 per cent and gold climbed about 44 per cent, giving wealthy investors more places to park gains and more reason to move money across borders. That is part of why Singapore has drawn more than 2,000 single family offices and more than 100 independent wealth management firms, even as Hong Kong’s climb is tied in the report to closer integration with mainland China, a vibrant IPO market and the Wealth Connect system.
For decades, Switzerland was the default answer to where cross-border wealth belonged. Now the competition is being redrawn by Asian hubs and by the way capital is moving through them. BCG said the report captures a broader tilt in economic power toward Asia, with Hong Kong and Singapore absorbing more of the world’s borderless money while the US remains a major but smaller rival.
The unresolved question is how much of Hong Kong’s rise comes from mainland China integration, how much from its IPO pipeline and how much from Wealth Connect. What is already clear is that the old hierarchy has cracked. If BCG’s projections hold, Hong Kong will not just share the summit with Switzerland for long; it will be sitting alone at the top by 2030.
