Asia’s Private Wealth Management Industry Anticipates Annual Growth of At Least 6% Over Next Five Years: Bloomberg Intelligence Survey

• 85% of respondents expect net new money to increase by at least 6% annually over the next five years. 

• Hong Kong and Singapore are projected to be the world’s fastest-growing cross-border wealth hubs, overtaking Switzerland. 

• Mainland China is expected to be a major source of new clients for Asia’s private wealth management industry in the next three to five years. 

• Risk appetite among private banking clients is rising, with equities, private equity, and digital assets expected to dominate asset allocations over next year. 

Hong Kong – A new survey from Bloomberg Intelligence (BI) reveals that the private wealth industry is optimistic about the industry’s growth prospects in Asia, with the majority (85%) of the respondents expecting Asia’s private banking industry AUM and net new money to increase by at least 6% annually over the next five years and a quarter of respondents anticipating double digit growth.  

The 2025 BI Asia Private Wealth Survey, which surveyed 100 senior private wealth management practitioners based in Hong Kong and Singapore, found that rising affluence in the region, increasing diversification needs of wealthy individuals amid geopolitical uncertainties and China’s expanding access to overseas markets are key drivers of the industry growth.  

According to BI’s calculations, Hong Kong could surpass Switzerland during 2025 to become the world’s largest cross-border wealth hub, managing US$2.9 trillion of cross-border wealth by year-end. The cross-border wealth managed in both Hong Kong and Singapore is projected to increase by an average of 12% annually over the next five years, outpacing the global growth rate of 10%, according to the adjusted median of respondents in BI’s survey.  

The survey highlights the growing importance of the mainland China market for Asia’s private wealth management industry, fueled by potential enhancement to cross-border capital markets access and investment diversification demands. Respondents anticipate that 30% of new clients will come from mainland China over the next three to five years, up from the current 26% share of the client base.  

Respondents also expect the Middle East to become an increasingly important source of new clients, albeit from a smaller base. Wealthy individuals in the region may seek to diversify by turning to Asia, reducing their reliance on traditional Western wealth hubs and gaining exposure to the region’s high-growth sectors. 

Half of the respondents said their clients’ risk appetite had become higher or much higher over the past 12 months. In terms of asset classes, private wealth clients are expected to increase their exposure to equities, private equity, digital assets and hedge funds more than other asset classes, according to the survey, reflecting a strong preference for riskier investments.  

The survey highlights that technology is the most important key driver for wealth management firms to attract new money, followed by new products and asset prices. Among respondents, 72% ranked technology among the top three most important drivers of net new money over the next five years. Meanwhile, technology is expected to be the most significant cost driver during the same period, as there is a significant need for firms to invest more in technology to deliver integrated, seamless and efficient systems.  

AI has had the greatest impact on improving client data and insights generation for advisors, according to 57% of respondents. Only 3% of respondents expect staff layoffs despite the use of AI to boost revenue and cost efficiency. 

Sharnie Wong, Senior Industry Analyst at Bloomberg Intelligence and the lead author of the survey, said: “Our survey shows industry leaders are decidedly optimistic about the next five years, with sustained inflows and a rising risk appetite coming through. Supported by targeted policy measures, Hong Kong is well positioned as a cross-border hub, broadening access for mainland clients and international capital. Singapore, meanwhile, retains a unique edge with deep Southeast Asia connectivity.”  

The full BI Asia Private Wealth Survey is available to Bloomberg Terminal subscribers who can access the report via {BI<GO>}. 

Notes to editors 

Bloomberg Intelligence’s survey includes 100 respondents in the private wealth management industry based in Asia’s financial hubs of Hong Kong (50) or Singapore (50). Data was collected between Aug. 8 to Sept. 5, 2025. The target audience was selected using criteria specified by BI. Participants qualify if they are employed in the private wealth industry, based in Hong Kong or Singapore, identified themselves as extremely familiar or very familiar with Asia’s private banking landscape, and above vice president level in seniority. Around half of the respondents were C-level executives, department heads, managing director and partners. All respondents work for the private wealth or private banking division; 46% identified their employer as an asset management firm, 27% an investment bank, and 27% a commercial/retail bank. 

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