"Hong Kong Becomes World's Largest Offshore Wealth Management Market"
Hong Kong has surpassed Switzerland to become the world's largest wealth management market, fueled by capital inflows from mainland China.
Nikkei, citing the Boston Consulting Group (BCG), reported this on July 12.
Last year, the size of Hong Kong's offshore wealth management market reached 480 trillion yen (approximately 4,430 trillion won), an 11% increase compared to the previous year. With this, Hong Kong has overtaken Switzerland for the first time in terms of wealth management market size.
According to BCG, about 59% of the assets managed in Hong Kong originate from mainland China, and this proportion is expected to rise to 68% by 2030.
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Nikkei analyzed that Chinese assets, not only from mainland China but also dispersed across the United States, Europe, and the Middle East, are moving to Hong Kong. This is due to instability in the Middle East and uncertainties over the dominance of the US dollar.
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