HSBC Holdings CEO Georges Elhedery said at the International Financial Leaders Investment Summit yesterday (19th) that Hong Kong’s wealth funds under management are expected to reach about US$3.2 trillion in 2028, surpassing Switzerland’s about US$3.1 trillion. Become the world’s largest offshore center.
The third International Financial Leaders Investment Summit opened in Hong Kong on the same day. The main summit was themed “Navigating Amid Change” and invited financial industry leaders from around the world to share the latest market developments. At the meeting, many heavyweight international foreign executives were optimistic about the economic prospects of Hong Kong, mainland China and even Asia.

Among them, Ai Qiaozhi mentioned that China’s per capita GDP has increased from US$250 to US$12,500 in the past 40 years, a 50-fold increase. As China’s wealth growth rate ranks among the highest in the world, Hong Kong has become an important center for offshore wealth transactions.

“Hong Kong will become the largest offshore center by 2028, with wealth funds under management reaching about US$3.2 trillion, surpassing Switzerland’s about US$3.1 trillion,” said Ai Qiaozhi. “This shows the journey that China has gone through in its development, as well as the The prospects that the market can offer.”

Earlier, UBS Group CEO Sergio Ermotti also said that Hong Kong’s wealth management business is growing at an annual rate of 7.6%, and has the opportunity to replace Switzerland as the world’s top wealth management center by 2027 or earlier.

Last year, the Boston Consulting Group (BCG) also concluded in its Global Wealth Report that Hong Kong is expected to surpass Switzerland to become the world’s largest offshore financial center by 2027.

The Neue Zürcher Zeitung pointed out that most of Hong Kong’s funds come from mainland China. The faster China’s economic development, the more Hong Kong will benefit as a global financial center. BCG predicts that by 2027, Hong Kong will become the only financial center to manage more than US$3 trillion in offshore assets, ranking first, with Switzerland and Singapore ranking second and third respectively.