Swiss private banking executives have acknowledged Hong Kong’s increasing role as a global cross-border wealth-management hub. During a panel discussion on Wednesday at the Global Financial Leaders’ Investment Summit, hosted by the Hong Kong Monetary Authority (HKMA), Giorgio Pradelli, CEO of Swiss private bank EFG International, stated, “The race is on.”
Pradelli was referring to the intensifying competition between Hong Kong and Switzerland. He noted that Hong Kong has strengthened its position in international wealth management by successfully combining financial stability with competitiveness over the last four years. Pradelli stated, “What has been great here over the last four years is that there has been the ability to combine stability with competitiveness,” and expressed his belief that “competitiveness and stability can persist.” He further noted that his bank has invested heavily in both Hong Kong and Singapore over the years.
The discussion follows a report from Boston Consulting Group this year, which stated that Hong Kong overtook Switzerland in 2025 to become the world’s largest cross-border wealth hub. The report indicated Hong Kong had US$2.95 trillion in assets booked in the city, narrowly ahead of Switzerland’s US$2.94 trillion.
Other Swiss wealth-management executives on the panel noted that geopolitical tensions are prompting wealthy clients to change how they approach asset diversification. Laurent Ramsey, managing partner of Swiss private bank Pictet Group, said, “The conversation has moved from diversifying your investments to diversifying your booking centres.” Ramsey added that “People want to hedge their assets,” and argued that private banks must offer clients the flexibility to hold assets in different booking centres—the jurisdictions where assets are held and managed—to hedge against geopolitical risks.
Christel Rendu de Lint, co-CEO of Swiss wealth manager Vontobel, described the diversification of booking centres as the “ultimate diversification,” suggesting the jurisdiction holding an investor’s assets could be as important as the investments themselves. However, she stated that competition between financial centres is not necessarily a zero-sum game, as wealthy clients often use different locales for different purposes.
The panel took place on the final day of the HKMA’s three-day summit. In a keynote address on Wednesday, Financial Secretary Paul Chan stated that Hong Kong would continue to broaden investment choices and strengthen market infrastructure while maintaining market integrity and investor confidence.
“Hong Kong will continue to widen the choices for financing and allocation, so that businesses can find the right capital at every stage of their development, and investors can participate in the growth of China and Asia across different asset classes and markets,” Chan said. He added, “What we hope you find in Hong Kong is not only your next investment but a range of pathways for value creation and the confidence to commit for the long term.”
