HK surpasses Switzerland as world's largest cross-border wealth management centre: global financial leader

Hong Kong has officially surpassed Switzerland this year to become the world's largest cross-border wealth management centre, as escalating geopolitical conflicts in recent years drove clients towards greater diversification and decentralization of their wealth management, said Laurent Ramsey, managing partner of the Pictet Group, on the "Global Wealth Management 2.0" forum at the 5th Global Financial Leaders' Investment Summit on Wednesday. 

He explained that clients require more service centres, wealth accounting centres, and offshore financial centres, citing examples where European clients can account for their wealth in Hong Kong. 

EFG International: wealth management centres in different regions can complement each other 

Giorgio Pradelli, chief executive of EFG International, pointed out that asset diversification is crucial for ultra-high-net-worth individuals, who need different "baskets" to protect their assets in different jurisdictions. She stressed that wealth management centres serve different clients, and there is a complementary relationship between centers, rather than a zero-sum game.

Vontobel: Switzerland missed opportunities dealing with aftermath of Credit Suisse

Christel Rendu de Lint, co-chief executive of  Vontobel, added that Hong Kong has combined stability and competitiveness over the past four years, leading to a return to prosperity and development, while Switzerland was busy dealing with the Credit Suisse aftermath during the same period. He also acknowledged that Hong Kong's development has proven that combining stability and competitiveness is feasible. 

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓