Trust and proximity to wealth make Asia’s top hubs leading safe havens

Hong Kong and Singapore are ranked first and third in cross-border wealth booking flows in 2025.

Singapore and Hong Kong are emerging as Asia’s leading safe-haven jurisdictions, supported by strong institutional frameworks, established financial ecosystems and proximity to the region’s growing wealth, according to a Julius Baer report.

Citing data from Boston Consulting Group (BCG), the report said Hong Kong and Singapore ranked first and third, respectively, in cross-border wealth booking flows in 2025.

Hong Kong narrowly overtook Switzerland as the world’s largest cross-border booking centre, supported by flows from mainland China and a buoyant stock market driven by a high volume of new listings.

The report described the two cities as “Asia’s premier safe havens,” citing their dense ecosystem of financial and legal services, which it called unparalleled in Asia, and strong currency underpinnings.

Both markets also ranked third and fourth, respectively, amongst 117 financial centres in the Global Financial Centres Index published in September 2026.

Hong Kong scored highly in investment management, insurance and finance, whilst Singapore scored well in professional services, insurance and fintech.

The report said what differentiates the two is positioning. Singapore’s neutrality allows it to serve as an apolitical gateway with deep ties across Greater China and Southeast Asia, drawing capital from Chinese, Southeast Asian and Indian wealth pools.

Hong Kong’s key advantage is its proximity to mainland China and its role as the main offshore gateway for Chinese wealth.

The report noted, however, that Hong Kong’s direct access to mainland China’s wealth base is a double-edged sword. If China continues to liberalise outbound investment and private wealth expands, Hong Kong’s growth could remain very strong. The report said this also creates concentration risk, tying Hong Kong’s fortunes closely to China, whereas Singapore draws from a much broader investor base.

On governance, the report cited the World Bank’s 2025 Worldwide Governance Indicators, in which Singapore ranked first globally in government effectiveness and regulatory quality, and Hong Kong ranked ninth in regulatory quality. Both are expected to record fiscal surpluses in 2026.

Their proximity to Asia’s growing wealth adds to their appeal. The report said wealth and population growth among high-net-worth individuals in Asia Pacific outpaced all other regions, creating significant demand for stable places within Asia to store wealth, invest capital and manage cross-border assets.

While the report said Asian wealth hubs are unlikely to unseat Switzerland as the world’s pre-eminent safe haven anytime soon, it expects rapid growth in cross-border wealth to sustain two parallel networks.