28 April 2026
Hong Kong vs Singapore: the strategic wealth hub debate 2026
Hong Kong or Singapore. Clarity on where wealth belongs.
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The Private Client
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1.5 minutes
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Hong Kong’s role as Asia’s leading wealth hub has been repeatedly questioned in recent years. The latest data suggests those doubts may have been premature.
Fresh figures from KPMG and the Private Wealth Management Association (PWMA) show that assets under management (AUM) in Hong Kong’s private wealth sector reached HK$10.4 trillion (US$1.34 trillion) in early 2025, signalling a decisive rebound after several years of volatility. For globally mobile capital, the conclusion is clear: Hong Kong remains a core pillar of Asia’s wealth architecture.What has changed is not its relevance, but how it is used within a broader, multi-jurisdictional framework.
Hong Kong’s private wealth sector in 2025
US$ 1.34 trillion
Private Wealth Management Association (PWMA)
Hong Kong’s enduring strength lies in its role as the gateway to China’s capital markets. Cross-border programmes such as Stock Connect, combined with deep equity and debt markets, position the city as the primary interface between global capital and the world’s second-largest economy.
This dual function, as both booking centre and capital markets conduit, continues to differentiate Hong Kong from other offshore jurisdictions. According to the Altrata World Ultra Wealth Report, the city is home to 12,545 ultra-high-net-worth individuals, reinforcing its status as one of the world’s most concentrated hubs of private wealth.
Hong Kong’s institutional framework remains a cornerstone of its appeal. Its common law system, transparent regulatory environment and strong investor protections provide a level of legal clarity that internationally diversified families continue to prioritise.
The city’s tax simplicity further enhances its positioning: no capital gains tax, no inheritance tax and relatively low personal income tax rates. For many families managing assets across jurisdictions, this combination of legal certainty and fiscal efficiency remains a key driver of booking decisions.
Equally important is Hong Kong’s depth of human capital. According to KPMG and PWMA, more than 10,000 professionals operate across the city’s private wealth ecosystem, spanning private banking, capital markets advisory, family office structuring and alternative investments.
This concentration of expertise particularly in China-related advisory, deal execution and cross-border structuring remains difficult to replicate elsewhere in Asia, underpinning Hong Kong’s continued relevance for active wealth deployment.
Yet Hong Kong’s resilience is evolving alongside the structural rise of Singapore.
Data from the Monetary Authority of Singapore (MAS) shows that assets under management now exceed US$4.4 trillion, supported by a rapidly expanding family office ecosystem and its established role as a hub for cross-border wealth. Singapore has positioned itself as a jurisdiction for long-term wealth structuring, governance and intergenerational planning, reinforcing its role as a complement rather than a competing one.
This approach reflects a broader shift in global wealth. A major intergenerational transfer is underway, redefining booking centre decisions around governance, succession and long-term stewardship, not just financial optimisation.
As Asian wealth continues to expand, particularly across China, India and Southeast Asia, the need for jurisdictional diversification is only set to accelerate. For globally mobile families, this is no longer a question of geography, but of strategic allocation across jurisdictions.
In practice, this is increasingly expressed through a dual-hub structure: Singapore for governance, asset protection and long-term planning; Hong Kong for market access, deal flow and capital (or wealth) deployment.
For more in-depth insights, read The Private Client 2026 guide “Where the Wealthy Bank Their Money,” where we explore the world’s leading booking centres from Hong Kong and Singapore to Geneva, Zurich and Monaco. The guide looks at what continues to draw global wealth and talent, featuring perspectives from leading institutions across the international wealth ecosystem, including experts such as Trident Trust, a global provider of fiduciary, corporate and fund administration services, alongside specialist firms in family office structuring and cross-border advisory.
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