How Hong Kong became a global wealth magnet

Hong Kong is reclaiming its position as one of the world’s leading wealth hubs. Fuelled by expanding mainland China connections, a surge in IPO activity and rapid development in digital assets, the city is attracting unprecedented flows of capital—and positioning itself at the centre of Asia’s rising wealth.

A surge in cross‑border wealth and asset flows

Hong Kong’s wealth management sector experienced a standout year in 2024. Cross‑border wealth booked in the city expanded by US$231 billion, reaching US$2.7 trillion—placing Hong Kong on par with Switzerland, long considered the global benchmark in offshore wealth.

Regulators reported similarly strong momentum within the domestic market. The Securities and Futures Commission (SFC) recorded an 81% rise in net fund inflows to HK$705 billion, reflecting renewed confidence among global investors. Private banking and private wealth management assets under management also surpassed HK$10 trillion, supported by a 15% year‑on‑year increase.

According to the Hong Kong Monetary Authority (HKMA), Asia’s growing wealth and heightened demand for diversification amid global geopolitical uncertainty are driving this sustained growth.

A growing talent base

Industry expansion is reflected clearly in hiring data. By August, private banks in Hong Kong had increased their private banking and wealth management teams by nearly 400 professionals—a 12% rise in headcount over two years. While Hong Kong’s IPO market was a dominant theme in 2025, the most significant recruitment momentum came from wealth management teams across both Chinese and international institutions.

A post‑pandemic rebound supported by structural strengths

After a subdued period during the pandemic, the sector began recovering in 2023 and strengthened further in 2024, when asset and wealth management businesses grew 13%. Hong Kong’s success is underpinned by long‑established advantages: a sophisticated regulatory framework, deep liquidity, robust financial infrastructure and its historic role as the financial gateway between mainland China and the world.

Together, these conditions make Hong Kong uniquely competitive in the global wealth management landscape.

Mainland China: The engine of growth

Hong Kong’s ascent is driven in large part by its deep ties to mainland China. The wealth generated by Chinese enterprises—particularly those expanding abroad—has created powerful demand for cross‑border and multi‑jurisdictional wealth services.

Entrepreneurs and executives increasingly operate across multiple regions, resulting in more complex financial needs. Wealth managers such as Raffles Family Office are adapting by expanding their global footprint, including preparations to establish an additional base in the United Arab Emirates.

This demand extends beyond the ultra‑wealthy. Cross‑border purchases of Hong Kong insurance products have surged dramatically. In 2024, mainland visitors bought HK$62.8 billion in new policies—the highest level in eight years and one‑third of Hong Kong’s total new‑business premiums.

Cross‑Boundary Wealth Management Connect gains momentum

The Cross‑Boundary Wealth Management Connect scheme, which links investors in Hong Kong, Macau and nine Guangdong cities, has seen rapid expansion. Participation exceeded 160,000 retail investors by June 2025, and industry participants expect the scheme to eventually extend to major financial centres such as Shanghai and Beijing.

This expansion is creating a dynamic two‑way channel. Wealth managers now help Chinese clients diversify globally, while also enabling international investors to access mainland China’s expanding capital markets.

IPO boom creates new high‑net‑worth clients

Hong Kong’s revitalised stock market has also played a major role in generating new wealth. The city ranked as the world’s top IPO venue in 2025, raising over HK$274 billion by mid‑December. This surge in listings has created a growing group of high‑net‑worth clients, particularly major shareholders of newly public companies seeking comprehensive offshore wealth management.

Digital assets: Hong Kong’s new frontier

Hong Kong has moved decisively to position itself as a regulated global centre for digital assets. Since releasing a forward‑looking policy framework in October 2022, the city has built one of the world’s most comprehensive regulatory regimes for virtual assets. This has attracted traditional financial institutions, crypto‑native capital and significant new investment.

Digital assets now make up around 10% of client portfolios at some regional family offices, and the sector has benefited further from Singapore’s tightening regulatory environment. As of October, last year, 51 asset managers had upgraded their licences to include digital assets—demonstrating the sector’s integration into Hong Kong’s mainstream wealth ecosystem.

Why Hong Kong is a global wealth magnet:

• US$231 billion in new cross‑border wealth booked in 2024
• HK$705 billion net fund inflows into wealth & asset management
• Top global IPO venue in 2025 with HK$274+ billion raised
• 160,000+ investors in Cross‑Boundary Wealth Management Connect
• 51 licensed managers approved for digital asset services
• Strong mainland China linkages driving sustained demand

Hong Kong’s resurgence as a global wealth hub is the result of multiple reinforcing factors: deepening mainland China integration, strong IPO activity, expanding cross‑border investment channels, rising Asian affluence and a bold regulatory approach to digital assets. With these foundations in place, Hong Kong is positioned not only to compete with the world’s top wealth centres—but to redefine the future of wealth management across Asia.

How Ocorian supports clients in establishing a presence in Hong Kong

As Hong Kong continues to reinforce its position as a global wealth hub, businesses, family offices and investment managers are increasingly looking to establish or expand their presence in the city. Ocorian is well‑placed to support this growth. Through our comprehensive suite of services—including company formation, regulatory licensing support, accounting and bookkeeping, bank account opening assistance, and regulatory reporting—we help clients navigate the complexities of Hong Kong’s business and regulatory landscape with confidence. Our on‑the‑ground expertise enables organisations to set up efficiently, remain compliant and focus on capturing the significant opportunities offered by one of the world’s most dynamic financial centres. For more information, reach out to the team.