Hong Kong has seen a sharp increase in wealthy clients opening accounts to manage their assets this year, surpassing other centres like Singapore as the most favourable destination for asset management, according to a report released on Thursday by the Private Wealth Management Association (PWMA) and KPMG China.
Some 44 per cent of PWMA members, including top global private banks like UBS, BNP Paribas, HSBC, Morgan Stanley and JPMorgan, said their clients preferred Hong Kong over other cities – a jump from the 13 per cent last year, according to the 10th annual edition of the Hong Kong Private Wealth Management Report.
Some 59 per cent of private wealth firms reported an increase in demand from wealthy clients to book their assets in Hong Kong, up from 34 per cent in 2024.
In comparison, only 30 per cent of private wealth firms saw an increase of clients seeking to book their assets in Singapore, down from 52 per cent last year, the report said.
The findings were based on a survey of 44 PWMA members as well as interviews with top bankers conducted in July and August.
Vivien Khoo, CEO and managing director of the Private Wealth Management Association, attends the annual wealth management report summit on Thursday. Photo: Edmond So
The outlook for Hong Kong was overwhelmingly positive, the survey found, with all PWMA members expressing optimism about the city’s wealth management market over the next five years – up from 76 per cent last year.