Cross-border wealth hub crown latest sign Hong Kong is roaring back
City overtook Switzerland in BCG wealth report, underscoring vital ‘superconnector’ role between mainland and international capital markets
BCG said the rise was driven by an initial public offering (IPO) bonanza and capital inflows from mainland China. The report also noted Hong Kong was “cementing its role as China’s gateway to global markets” with cross-border wealth growth of around 9 per cent annually projected through to 2030.
The pace is envisioned to be enough to secure Hong Kong’s leading position over the next five years. BCG managing director and report co-author Michael Kahlich said the shifts were “reshaping the geography of global wealth” and Hong Kong’s rise “reflects the growing gravitational pull of Asian wealth and capital markets”.
Hong Kong officials have in recent years said the city was poised to outpace the European banking and finance powerhouse. Recent developments have supported that prediction.
There has also been greater cross-border integration with mainland China, especially across the Guangdong-Hong Kong-Macau Greater Bay Area. The city is preparing its first five-year plan to dovetail with the national 15th five-year plan, with finance and innovation among the key areas covered.