Hong Kong has climbed past Switzerland to become the world's largest booking centre for cross-border wealth, reaching $2.95 trillion, according to Boston Consulting Group's 2026 Global Wealth Report. That total narrowly exceeds Switzerland's $2.94 trillion and marks a milestone in the shifting geography of offshore wealth booking.
The report attributes Hong Kong's rise in part to wealth originating from China alongside an IPO boom in 2025 that helped swell the city's offshore totals. BCG notes the shift comes as Asian hubs expand more quickly than the traditional European safe-haven.
"Hong Kong is cementing its role as China’s gateway to global markets, though that same concentration ties its trajectory tightly to economic and regulatory developments on the mainland," the authors wrote.
BCG's analysis shows cross-border wealth globally increased 8.4% last year to $15.7 trillion, fuelled by robust markets and rising demand for geographic diversification. The new wealth largely accumulated in the world's top 10 booking centres, a trend that has further intensified concentration among leading hubs.
Looking ahead, the report projects Hong Kong and Singapore will continue to expand as cross-border booking centres at approximately 9% per year through 2030. By contrast, Switzerland's cross-border booking centre business is expected to grow at an average rate of about 6% over the same period.
BCG points out a trade-off for the Asian hubs: their faster growth is closely tied to China. In contrast, Switzerland's client base is more geographically diversified, drawing clients from many regions and offering a different form of resilience.
"Geopolitical uncertainty reaffirms Switzerland’s role as a core global booking centre, attracting flight-to-safety flows from more volatile regions such as the Middle East," BCG said.
Bankers and financial advisers quoted in the report indicate that some wealthy clients have been shifting assets from the Gulf region to Switzerland in the wake of the ongoing conflict, underscoring the Swiss hub's continued appeal as a refuge in times of volatility.
Michael Kahlich, co-author of the BCG report, emphasised the importance of proximity to clients in shaping booking-centre strategy. "What ultimately matters is client proximity," he said, noting a clear formation of two global clusters - Singapore and Hong Kong serving Asia, and Switzerland, the United Kingdom, and the United States serving Western clients.
Kahlich added that Swiss banks have been expanding their presence in other major hubs as closeness to clients becomes increasingly important. He also pointed to individual firms' positioning in the region, saying, "UBS is number one in wealth management in both Singapore and Hong Kong."
The BCG findings highlight a reordering of cross-border wealth booking that reflects where affluent clients are located and where they prefer to place assets. Faster growth in Asian centres, driven by Chinese flows and market events such as IPO activity, is likely to sustain Hong Kong's lead, while Switzerland's broad geographic reach and role as a safety destination continue to underpin its significance.