Hong Kong and Singapore are projected to overtake Switzerland as the world's fastest-growing cross-border wealth hubs, according to Bloomberg Intelligence (BI).
Calculations by Bloomberg’s research arm suggest Hong Kong could surpass Switzerland during 2025 to become the world's largest cross-border wealth hub, managing US$2.9trn of cross-border wealth by year-end.
Furthermore, the cross-border wealth managed in both Hong Kong and Singapore is projected to increase by an average of 12% annually over the next five years, outpacing the global growth rate of 10%, according to the adjusted median of respondents in a BI survey.
Among the respondents, 85% expect both assets under management in Asia’s private banking industry and net new money to increase by at least 6% annually over the next five years, while a quarter of respondents anticipate double digit growth.
Increasing affluence in the region, the diversification needs of wealthy individuals driven by geopolitical uncertainties and China's expanding access to overseas markets were cited as the key drivers of the industry growth in the 2025 BI Asia Private Wealth Survey.
Sharnie Wong, senior industry analyst at Bloomberg Intelligence and lead author of the survey, said: “Our survey shows industry leaders are decidedly optimistic about the next five years, with sustained inflows and a rising risk appetite coming through.
“Supported by targeted policy measures, Hong Kong is well positioned as a cross-border hub, broadening access for mainland clients and international capital. Singapore, meanwhile, retains a unique edge with deep Southeast Asia connectivity.”
