Hong Kong overtook Switzerland as the leading centre for cross-border wealth management, and Swiss banks reacted with apparent calm, feeling it bolstered the case against looming tighter banking regulations.
SWISS BANKS RESPONDED
According to an AFP report published by the Bangkok Post, Swiss banks did not enter panic mode after the Boston Consulting Group's 2026 Global Wealth Report showed Hong Kong had overtaken Switzerland as the largest cross-border booking centre. BCG put Hong Kong's cross-border assets under management at USD 2.95 trillion in 2025, against USD 2.946 trillion for Switzerland.
The Swiss Bankers Association told AFP that Hong Kong had been directly benefiting from exceptionally strong asset growth in China, but that Swiss banks too had a successful presence in key Asian growth markets.
REGULATORY ARGUMENTS
“For Switzerland, competitive framework conditions are particularly crucial for the future. It is essential that regulation remains targeted and internationally coordinated so that both stability and competitiveness are strengthened,” the association said. The Association of Swiss Private Banks told AFP that Hong Kong overtaking Switzerland “shows that international competitiveness must remain at the heart of the discussions”.
The comments come as UBS, Switzerland's biggest bank, is at loggerheads with the government, which wants to tighten banking regulations following the collapse of Credit Suisse in 2023.
WHY HONG KONG MOVED AHEAD
BCG said Hong Kong's rise was driven by inflows from mainland China, strong initial public offering activity and equity market gains. Cross-border wealth grew by 10.7% in Hong Kong in 2025, compared with 7.6% in Switzerland, and more than 60% of Hong Kong's external capital comes from mainland China.
Andreas Venditti, an analyst at Vontobel, told AFP that Hong Kong's rise had been coming because growth rates were stronger in Asia. “As Swiss banks are among the largest wealth managers in Asia — with UBS the largest in the region by very far — they clearly benefit from the higher growth rates,” he said.
Dean Frankle, a managing director at BCG, said Hong Kong overtaking Switzerland was primarily down to “the rise of Asia”, telling AFP: “If you're not serving both markets, you're only playing half the game.”
Sources: AFP (via Bangkok Post and Hong Kong Free Press); Boston Consulting Group