Hong Kong edges Switzerland as US$2.95t wealth hub
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Hong Kong has overtaken Switzerland as the world’s largest cross‑border wealth centre, holding about US$2.95 trillion of foreign assets compared with Switzerland’s US$2.94 trillion.
The shift is powered by mainland Chinese capital, a strong local IPO pipeline and Beijing’s clampdown on other offshore channels, which has funnelled money into Hong Kong even as local banks tighten controls on some mainland clients to curb capital flight.
Switzerland remains a core safe haven for European and Middle Eastern wealth, while Singapore is quietly attracting money wary of Beijing’s influence, showing how global elites are constantly moving their assets among hubs that balance access, stability and political risk.