Hong Kong’s asset and wealth management industry assets grew 13% year-on-year to HK$35.1 trillion (US$4.53 trillion) last year as net inflows surged 81% to HK$795 billion.

According to the Securities and Futures Commission (SFC), the findings coincide with the Boston Consulting Group’s recent global wealth report which ranked Hong Kong alongside Switzerland as the world’s top two cross-border wealth centres in 2024.

Hong Kong is “gaining more clout than ever as a leading international hub for asset and wealth management, propelled by strong fund inflows”, says Christina Choi, the SFC’s executive director of investment products.

“The SFC is committed to supporting Hong Kong’s continued advancement as a full-service international financial centre and a leading offshore renminbi hub through fixed income and currency market developments,” she says.

The survey found that net asset value of SFC-authorised funds rose 22% to HK$1.64 trillion last year, and another 21% to HK$1.99 trillion from January to May this year.

It also showed that non-equity investments of local asset managers grew 13 percentage points to 59% of their total assets over the past five years. The SFC says this indicates a shift towards more diversified strategies in response to rapidly-changing global conditions.