,Hong Kong

Hong Kong is the second largest offshore wealth center

It trails behind Switzerland after managing US$1.1t in offshore wealth.

Hong Kong trails behind Switzerland to score the second spot in the global offshore wealth management rankings, according to an annual study from Boston Consulting Group. 

The Asian Financial Center manages US$1.1t in offshore wealth, which is half of the Alpine country which manages US$2.3t. However, Hong Kong easily beats Singapore, US, UAE which manage US$0.9t, US$0.7t and US$0.5t in offshore wealth respectively. 

Also read: Hong Kong trails behind Singapore in asset management business

The SAR also has the largest compound annual growth rate (CAGR) from 2012 to 2017 at 11%, which is more than triple that of Switzerland whose CAGR clocked in at measly 3%.



Tightening banking secrecy regulations in the Alpine Republic have also made it less attractive for high net worth individuals to stash their wealth, putting faster growing centers like Hong Kong and Singapore who posted a CAGR of 10% in a prime position to take the crown.

The top sources of offshore wealth are largely regional peers, with the Mainland securing the top spot, followed by Taiwan and Japan.

A separate report by the Tax Justice Network ranks Hong Kong as the fourth most secretive financial center in the world after accounting for 4.17% of the global market for offshore financial services and roughly on par with Panama. 

Photo from Wing CC 3.0

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Leasing momentum in the retail market continues to improve in August 2021.
The new prices will give customers greater flexibility when booking flights.
Total employment in the private sector decreased by 0.4%.
Tollerort port terminal is located in the Port of Hamburg, Germany.
The inflation rate is at 1.2%.
It highlights the importance of SAF as it works towards net-zero by 2050.
This is 95.3% lower than pre-pandemic levels in August 2019.
This is an 8% increase from the first quarter of 2021.
Payment card usage increased by 18.8% QoQ in Q2 2021.
Compared with the end of Q2 2020, SVF accounts in use were up by 0.6% in 2021.
41% of Hong Kong consumers support local businesses.
Bond Connect will expand mutual access between Hong Kong and China markets.