Grant Thornton Hong Kong: Hong Kong is expected to surpass Switzerland as the world's top wealth center, with the highest growth in billionaires globally

Zhenzhuo Finance December 12, 2025 - According to the report "Hong Kong's Wealth Management Boom: Leading a New Global Market Landscape" by Grant Thornton Hong Kong, Hong Kong is accelerating its journey to surpass Switzerland and become the world's largest cross-border wealth management hub, driven by strong capital inflows, the growth of family offices, fintech innovation, and deep integration with the Greater Bay Area (GBA). Hong Kong is attracting ultra-high-net-worth individuals (UHNWIs) with assets exceeding $30 million at a globally leading pace. In the first half of 2025, the number of super-rich individuals in Hong Kong surged by 22.9% to 17,215, making it the region with the highest growth rate among the world's top wealth markets.

Mr. Weng Weicong (left), Senior Manager of Advisory at Grant Thornton (Hong Kong)

Mr. Xia Qicai (middle), Advisory Partner at Grant Thornton (Hong Kong)

Ms. Yan Xinqi (right), Advisory Director at Grant Thornton (Hong Kong)

Capital Inflows and Family Office Boom Strengthen Hong Kong's Leading Wealth Management Status

Grant Thornton noted that Hong Kong continues to attract global capital and family offices due to its unique role as a super-connector between China and the world, along with its world-class financial infrastructure. By the end of 2024, the total assets under management (AUM) in Hong Kong reached an impressive HKD 35.142 trillion, a 13% year-on-year increase, reflecting sustained strong demand for wealth management services. Net capital inflows soared to HKD 321 billion in 2024, more than six times higher than the previous year, demonstrating growing global investor confidence and Hong Kong's increasing appeal as a top financial hub. Over 54% of the total AUM came from outside Mainland China and Hong Kong, highlighting the city's strong advantage in facilitating international capital allocation through its diversified global investor base.

Data shows that 59% of Hong Kong's AUM is invested in global markets outside Mainland China and Hong Kong, showcasing its global investment management capabilities.

The Asia-Pacific region saw a 5% growth in individuals with assets of $10 million or more between 2023 and 2024, making it the second-fastest-growing region globally.

Global wealth distribution in 2024: North America accounted for 42%, Europe 15%, and Asia-Pacific 36%.
 

Hong Kong's thriving family office ecosystem has become a key pillar of its wealth strategy, creating a virtuous cycle. The growing cluster of family offices not only enhances Hong Kong's global standing but also attracts more capital and talent, driving a 15% year-on-year increase in the AUM of private banking and wealth management businesses to HKD 10.404 trillion in 2024. By the end of 2023, Hong Kong had over 2,700 single-family offices, with 885 managing assets exceeding $100 million. Government policies such as tax incentives and streamlined entry procedures have accelerated growth, enabling Hong Kong to exceed its original target of attracting 200 family offices between 2023 and 2025 ahead of schedule. Riding on this momentum, Hong Kong has set a new goal to attract an additional 220 family offices by 2028.

As of September 2025, over 200 new family offices have been established or expanded in Hong Kong.

Support measures include the "one-stop" support from Family Office Hong Kong, tax incentives, the new Capital Investment Entrant Scheme, and the Hong Kong Academy for Wealth Legacy.

Mr. Xia Qicai, Advisory Partner at Grant Thornton (Hong Kong), said: "Hong Kong's comprehensive family office strategy is gradually yielding results. Policy innovations, entry support, and tailored advisory services have collectively built a highly attractive family office ecosystem. As Hong Kong regains its position as the world's top IPO hub, family offices increasingly view the city as the starting point for growth in Asia. We urge the Hong Kong government to further strengthen its competitive advantages, turn external risks into opportunities, and mobilize more resources to attract global capital, accelerating Hong Kong's journey toward becoming the crown jewel of global wealth management."

Fintech Innovation and Forward-Looking Policies Enhance Hong Kong's Appeal to Global Investors

Hong Kong is further solidifying its leadership as a global gateway for asset allocation through groundbreaking fintech innovations and forward-looking policies. The Hong Kong Monetary Authority (HKMA) has unveiled its "Fintech 2030" strategy, focusing on data, artificial intelligence (AI), resilience, and tokenization to enhance Hong Kong's fintech competitiveness and prepare for the future. AI has become central to wealth management, enabling customized asset allocation, real-time risk analysis, and deeper client engagement. Hong Kong's rapid adoption of distributed ledger technology (DLT), from tokenized gold products and tokenized deposit services to recently registered tokenized money market funds, demonstrates its increasingly mature digital infrastructure and expanding asset diversity to meet growing demand for digital asset investments.

A regulatory framework conducive to innovation has further bolstered Hong Kong's appeal. The Stablecoin Ordinance enacted in August 2025 provides critical legal clarity and investor protection for fiat-backed digital assets, attracting investors seeking diversified opportunities. The "Fintech Supervisory Sandbox" and "FiNETech" programs enable institutions to test and deploy innovative solutions in a controlled environment, effectively mitigating risks and accelerating time-to-market. These initiatives collectively enhance investor confidence, positioning Hong Kong as a trusted cross-jurisdictional investment strategy hub covering diverse asset classes. With the rising popularity of tokenized products and AI as a key investment focus in 2025, Hong Kong's strength in facilitating cross-border portfolio diversification has become a strategic advantage. In 2024, 59% of Hong Kong's AUM was invested outside Hong Kong and Mainland China, fully demonstrating its deep integration with global capital markets.

Ms. Yan Xinqi, Advisory Director at Grant Thornton (Hong Kong), said: "Under the convergence of technology and regulation, Hong Kong is reshaping the future of global wealth management. Driven by AI and digital assets making capital flows smarter, alongside regulatory frameworks ensuring responsible growth, Hong Kong is setting benchmarks for the next generation of wealth management. With a world-class regulatory architecture, Hong Kong fosters innovation on a foundation of trust and expands opportunities for global investors. Notably, addressing talent shortages and cybersecurity challenges through enhanced talent development and robust digital safeguards is crucial for Hong Kong to maintain long-term advantages and achieve sustainable growth in a rapidly changing market."

Greater Bay Area Integration and "Wealth Management Connect" Plan Drive Cross-Border Wealth Management Growth

Hong Kong's wealth management industry is gaining new momentum through deeper integration with the Greater Bay Area and the ongoing expansion of the "Wealth Management Connect" (WMC) program. The Greater Bay Area is home to over 510,000 high-net-worth families with assets exceeding RMB 10 million and more than 30,000 families with assets exceeding RMB 100 million, showcasing vast wealth management opportunities and further solidifying Hong Kong's position as the preferred international wealth hub for global and Mainland Chinese clients.

Greater Bay Area Overview: The Guangdong-Hong Kong-Macao Greater Bay Area spans 11 cities with a population exceeding 87 million and a GDP of over $2 trillion, serving as a key driver of cross-border wealth management opportunities.

Northern Metropolis Development: The Northern Metropolis initiative covers 30,000 hectares, aiming to accommodate 2.5 million people and create 650,000 jobs (including 150,000 in innovation and technology), fostering seamless integration with neighboring cities.

Government-Enabled ESG Focus:

 Hong Kong's sustainable debt issuance reached $84.4 billion in 2024, up 61% year-on-year, accounting for 45% of Asia's international sustainable debt market.

Over 200 SFC-recognized ESG funds manage assets exceeding $140 billion, a 50% increase over three years.

The government launched the Green Fintech Proof-of-Concept Funding Scheme and extended the Capacity Building Initiative to 2028.

The Greater Bay Area Green Finance Alliance promotes cross-border green finance collaboration.

The "Wealth Management Connect" program aims to facilitate cross-border investment flows between Hong Kong and the Greater Bay Area, providing residents with secure access to diversified wealth management products. With "WMC 2.0" expanding southbound investment channels and "WMC 3.0" set to simplify operational processes and raise individual investment quotas, Hong Kong is further enhancing its role as a bridge for Mainland wealth to flow into global markets. Hong Kong's strategic position as China's gateway uniquely positions it to benefit from regional support policies and world-class green finance initiatives. Initiatives like the Greater Bay Area Green Finance Alliance foster cross-border cooperation, driving sustainable investment flows and innovation in environmental, social, and governance (ESG) areas.

Mr. Xia Qicai concluded: "Hong Kong's proximity to Mainland China, coupled with its robust regulatory framework and international connectivity, makes it a hub for green capital and sets a benchmark for cross-border financial integration. With the upcoming launch of 'Wealth Management Connect 3.0' and comprehensive policy support, we are confident that Hong Kong will continue to attract global capital and create long-term value for investors worldwide."