HK Private Wealth Assets Seen Surging to $2.3 Trillion By 2030
- City to benefit from Chinese Wealth: Bloomberg Intelligence
- HSBC, Standard Chartered seen winning share from UBS
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Private wealth assets under management in Hong Kong may nearly double to $2.3 trillion in six years, according to Bloomberg Intelligence, with the Asian financial hub projected to surpass Switzerland as the world’s top cross-border wealth center.
The increase is forecast to come from growing demand by Chinese investors for higher-yielding offshore investments, which may rise 16% each year through 2030 due to interest rates in Hong Kong and the US seen remaining higher than in mainland China, BI analysts led by Sharnie Wong wrote in the report.