Hong Kong solidifies position as world's largest cross-boundary wealth management hub

Hong Kong's wealth management sector is growing strongly, with assets under management jumping 20% to over HK$42 trillion, according to a survey by the Securities and Futures Commission. Financial Secretary Paul Chan said the city is now the largest cross-boundary wealth management centre in the world, with 77% of member firms reporting stronger demand to open accounts or book client assets in Hong Kong. A survey by the Private Wealth Management Association found 94% of member firms were moderately or highly optimistic about the city's prospects over the next five years. Chan noted that international capital is showing fresh confidence in Hong Kong, with policy measures to boost private wealth management, such as tax concessions and legislation to enhance preferential tax regimes, contributing to the city's growth.