Hong Kong Overtakes Switzerland as the Global Wealth Hub

Switzerland has lost a symbolic lead. A new study from Anglo-Suisse Capital says Hong Kong now books more cross-border wealth than the Alpine country, with $2.95 trillion in 2025 against Switzerland’s $2.94 trillion. The bank expects Hong Kong to pull further ahead in 2026, and the spread could reach nearly $600 billion by 2030, according to a BCG forecast cited in the report.

The bigger story is that wealth is surging while private banking margins are getting thinner. Global wealth held by high-net-worth individuals hit a record $98.3 trillion in 2025, but the revenue margin of European private banks slipped from 76 to 73 basis points. More money is moving around. Less of it is sticking to the banks.

Hong Kong’s rise is tied closely to China. BCG says offshore assets booked there grew 10.7 percent in 2025 to about $2.9 trillion, helped by capital flowing out of mainland China, a better local stock market and a revived IPO market. Hong Kong is also leaning on low taxes, deep talent and its capital markets. The number of single-family offices rose 25 percent from 2023 to the end of 2025, to 3,384.

Clients are also scattering their money across more firms. Only 19 percent of wealthy clients used a single wealth manager in 2025, down from 39 percent in 2019. Anglo-Suisse says the banks that survive this squeeze will be the ones that cut costs and use A.I. to free up advisers’ time, while crypto is still mostly handled through partnerships. Of the 270 private banks in its census, only 19 offer direct crypto access, and just 50 offer direct deals or co-investments in private markets.

The report’s own limits matter, too. It relies on public information and does not cover the United States, while Anglo-Suisse also advises on mergers and capital raising, which makes its obsession with consolidation conveniently useful. Still, the trend line is obvious: wealth is concentrating, clients are fragmenting, and the middleman is getting squeezed. Private banking is discovering that rich people are not loyal, only expensive.