The Boston Consulting Group’s most recent Global Wealth Report, published on 27 May, has ruffled some feathers in the Swiss finance industry, by showing that Hong Kong has for the first time overtaken Switzerland as the world’s largest wealth management centre.

While some may see this as a sign of Switzerland’s decline – bad news for a country that has developed its reputation partly through an ability to attract foreign capital – that would be a hasty, and indeed incorrect, conclusion. Far from being a cause for triumphalism on one side or hand-wringing on the other, it mainly reflects a gradual shift in global wealth. It should also be borne in mind that this league table relates only to cross-border private assets, not to wealth management activities as a whole, and that the gap between the two financial centres equals barely 0.34% of the assets concerned.

A ranking that says less about switzerland than it does about asia 

Hong Kong’s progress stems mainly from growth in mainland China, since the majority of assets administered in Hong Kong come from that region. Hong Kong has also been boosted by a rebound in IPOs and renewed momentum in Asian financial markets. These factors have caused cross-border private assets to grow more quickly in Hong Kong: by 10.7% in 2025 as opposed to 7.6% in Switzerland, which is therefore continuing to achieve firm growth.

So the new league table says more about the acceleration in Asia than any weakening in Switzerland. This fits with the broader regionalisation trend, with more wealth being managed close to where it is generated. It also means that Hong Kong is capturing China’s positive momentum, while Switzerland remains the preferred platform for multi-country portfolios. The difference is important. Hong Kong’s strength stems from a single, concentrated driver, while Switzerland benefits from a diversified base and an acknowledged ability to manage cross-border complexity.

Resilience and wealth planning

Switzerland’s advantages are well known, but they are even more valuable in the current environment: institutional stability, a strong currency, low inflation and a comprehensive financial ecosystem. Above all, Switzerland has a more international client base, with a good balance between Europe, the Middle East, the Americas and Asia-Pacific. This geographical diversity acts as a shock-absorber when geopolitical tensions become more pronounced. It also supports a deeper array of services: multi-currency active management, structured solutions and – an advantage that is often underestimated – high-level wealth planning.

Wealth planning consists of resolving issues relating to family governance, international mobility, cross-border taxation and asset allocation across multiple economic cycles. In practical terms, it involves organising how assets are held across several jurisdictions, anticipating how wealth will be passed on to future generations. It also involves putting in place robust decision-making mechanisms, then connecting those choices with an investment policy consistent with the client’s timeframe, liquidity and operational risks.

It is precisely this ability – to manage international complexity – that continues to give Switzerland a comparative advantage. Cross-border wealth is becoming more international, family members are living, building businesses and investing across multiple countries, and regulations are becoming tougher. In those circumstances, linking investing with wealth planning creates tangible value. This means backing up asset allocation decisions with suitable legal structures, managing liquidity and risk depending on client objectives, and calibrating exposures in view of governance constraints. These skills are less visible than a league table, and more difficult to imitate.

A welcome warning signal

However, Switzerland would be wrong to ignore the signal being sent by this new ranking. Losing the number-one position is a largely symbolic development: the real risk for Switzerland would be to believe that it is automatically entitled to the top spot.

The rise of new financial centres and changing client expectations mean that Switzerland must continue investing in its talent, in its ability to innovate and in the attractiveness of its finance industry. Regulatory stability is beneficial, provided that it does not turn into damaging rigidity.

Fundamentally, Hong Kong and Switzerland should not be set up in opposition to each other: they should instead be regarded as offering two complementary models. The former is being buoyed by a regional super-cycle, while the latter offers a platform for protecting, structuring and passing on wealth across multiple generations. The league table has changed, but the fundamentals remain the same.

Fundamentally, Hong Kong and Switzerland should not be set up in opposition to each other: they should instead be regarded as offering two complementary models.