On May 27, Boston Consulting Group (BCG) released the Global Wealth Report 2026. For the first time ever, Hong Kong surpassed Switzerland (with $2.94 trillion in cross-border assets under management) to become the world’s largest cross-border wealth management hub, boasting a total cross-border asset volume of $2.95 trillion (approximately HK$23 trillion). Singapore came in third place with $2.1 trillion in such assets. The report indicates that global financial wealth grew by 10.7% last year to reach $333 trillion, marking the fastest growth rate since 2021; when physical assets like real estate are included, total global wealth climbs to $550 trillion. Hong Kong saw a similar 10.7% rise in its cross-border asset scale. According to BCG, two main factors drove this growth: first, capital inflows from mainland China accounted for 60% of Hong Kong’s total asset management volume; second, the local IPO market staged a full recovery — year-to-date fundraising through Hong Kong IPOs surged over 110% to exceed HK$160 billion, while firms in hard tech and A+H share listings showed great enthusiasm for going public. This robust ‘wealth creation effect’ serves as a key catalyst for high-net-worth capital to accumulate within Hong Kong’s private banking system. BCG projects that both Hong Kong and Singapore will enjoy a compound annual growth rate of 9% over the next five years, compared to 6% for Switzerland.
Another key highlight of the report is physical gold: its global volume skyrocketed by 44% over the past year. BCG attributes this surge to both strong retail demand worldwide and central banks’ efforts to diversify reserves away from the US dollar, reflecting affluent investors’ deep concerns about persistent inflation and the long-term stability of major reserve currencies. The report also notes that the global cross-border wealth landscape is evolving toward a ‘dual hub model’ spanning East and West: Switzerland remains a traditional safe haven for risk-averse funds from Western Europe and the Middle East, while Hong Kong and Singapore jointly capitalize on Asia’s rapid wealth growth. Their roles are structurally complementary rather than competitive. A notable risk factor is that Hong Kong’s wealth engine is tightly linked to mainland China’s economy and regulatory policies, meaning fluctuations in mainland economic conditions will directly impact this $23 trillion asset pool.
BCG Global Wealth Report 2026 | Economic Weekly | Financial Times