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Opinion
Hong Kong is emerging as a leading capital hub of the multipolar era
As wealth creation’s centre of gravity shifts, expect Hong Kong to not only survive but also gain renewed strategic importance
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Matteo Giovannini is a finance professional with extensive experience in private and state-owned enterprises, specialising in Asian markets and cross-border project financing.
For years, Hong Kong’s obituary has been repeatedly written by international commentators. Geopolitical tensions, pandemic isolation, concerns over capital flight and questions surrounding the city’s future contributed to a narrative of irreversible decline.
In many Western analyses, the assumption that Hong Kong’s best days as an international financial centre were behind it became almost automatic. Yet the latest global wealth management data tells a very different story.
According to estimates from Boston Consulting Group, Hong Kong has overtaken Switzerland to become the world’s largest offshore wealth management centre. The city reportedly held about US$2.95 trillion in offshore assets in 2025, surpassing Switzerland’s US$2.94 trillion.
The symbolism is difficult to overstate. For decades, Switzerland represented the pinnacle of offshore finance, synonymous with wealth preservation, banking sophistication and international capital mobility. Hong Kong surpassing Switzerland is not only a financial industry milestone but a broader turning point in the geography of global wealth.
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