Hong Kong's private banking and wealth management assets rose 24% in 2025 to a record HK$12.9 trillion, according to the 2026 PWMA and KPMG survey, with net inflows up 79%.

TL;DR

  • The Hong Kong Private Wealth Management Report 2026 by the Private Wealth Management Association (PWMA) and KPMG China says private banking and wealth management assets rose 24% to a record HK$12.9 trillion in 2025, with net fund inflows up 79% year on year.
  • 77% of firms reported higher demand to book accounts or assets in Hong Kong, up from 59%, and none reported a decline; 91% said they have increased their focus on next-generation clients.
  • The survey covers banks and asset managers, not family offices directly, so families should treat it as a read on the booking-centre market rather than on family office activity.

What did the 2026 Hong Kong private wealth report find?

The report, the 11th annual edition, was released on 5 November 2026 by the PWMA, the industry body for Hong Kong's private banks and wealth managers, and KPMG China. According to The Standard, it surveyed executives from 35 private wealth institutions and 17 asset management firms between June and August 2026.

The headline: Hong Kong private banking and private wealth assets under management rose 24% to a record HK$12.9 trillion in 2025, and net fund inflows rose 79% year on year. KPMG describes 2025 as the industry's strongest year on record and says Hong Kong overtook Switzerland as the world's largest cross-border wealth centre for the first time. Boston Consulting Group's Global Wealth Report 2026, as reported by WealthBriefingAsia, put Hong Kong's cross-border wealth at US$2.95 trillion at end-2025, narrowly ahead of Switzerland's US$2.94 trillion.

How confident are Hong Kong's private banks?

Very, on the survey's numbers. 77% of firms reported higher demand for new accounts and asset booking in Hong Kong, up from 59% a year earlier, and 94% were moderately or highly optimistic about the next five years. 79% said Greater Bay Area initiatives, including Wealth Management Connect, will be critical or moderately important to their offshore Hong Kong business.

"Clients continue to view Hong Kong as a trusted platform for managing wealth amidst geopolitical shifts," said Amy Lo, chairman of the PWMA executive committee and head and chief executive of UBS Hong Kong, as quoted by The Standard.

What does it say about digital assets and next-generation clients?

The share of firms actively developing digital asset services rose from 16% to 25%, while 13% already offer them, and 43% have added crypto exchange-traded funds or products. 88% reported moderate or significant progress in adopting AI, up from 56%. And 91% said they have increased their focus on next-generation clients, which matters for families planning a handover.

Why it matters for family offices

For a single family office deciding where to book assets, rising inflows and stronger competition among private banks can mean more product access and potentially better service, but also busier relationship managers. KPMG says relationship managers still spend about 38% of their time on routine administrative work. Families comparing booking centres can ask their banks about onboarding times, access to private markets and digital assets, and next-generation programmes.

This sits alongside Hong Kong's own push: the Financial Secretary recently said the city has over 3,300 family offices, and the government has proposed changes to its family office tax bill. For the Singapore comparison, see our look at whether family offices are moving from Singapore to Hong Kong.

What is not confirmed

The public summaries do not break down assets by client type, so the share held for family offices is not known. The survey reflects the views of the industry being measured, and figures for 2026 so far have not been published.

Frequently Asked Questions

How much private wealth is managed in Hong Kong?

HK$12.9 trillion in private banking and private wealth assets at end-2025, up 24%, per the PWMA and KPMG report.

Is Hong Kong now bigger than Switzerland for cross-border wealth?

BCG's Global Wealth Report 2026, as reported, put Hong Kong at US$2.95 trillion versus Switzerland's US$2.94 trillion at end-2025, a very narrow lead.

Does the report count family offices?

No. It surveys private banks, wealth managers and asset managers; it does not give a family office count or asset figure.

Sources and Method

Based on KPMG China's report page (5 November 2026), The Standard (Zhou Yiru), 5 November 2026 and WealthBriefingAsia, 6 November 2026 for the BCG comparison. The full report was not reviewed. This article is for information only and is not financial, legal or tax advice.