Christopher Hui lauds HK for being ranked world's top wealth mgt. hub

Hong Kong has overtaken Switzerland to become the world's largest cross-border wealth management centre, according to a recent report.

Secretary for Financial Services and the Treasury Christopher Hui says the city's "One Country, Two Systems" framework enables it to navigate global changes, and he is confident that Hong Kong will remain a leading wealth management hub.

According to the Global Wealth Report 2026, Hong Kong manages 3 trillion US dollars in cross-border assets, ranking first globally and overtaking Switzerland. The report projects annual wealth growth of around 9% through 2030.

Hui says the city's core strength lies in "One Country, Two Systems" and amid rapid global changes, capital from various sectors and regions is seeking diversification, and Hong Kong's stability makes it an attractive investment destination.

The government had unveiled the "Action Plan to Promote the Development of Corporate Treasury Centres in Hong Kong" on Tuesday, introducing a "4T" framework, including tax revamps, tax agreement and targeted promotion.

CHRISTOPHER HUI: "One of the measures we plan to introduce is to have a pre-approval mechanism. That is exactly something that we are doing in response to market demand. Because for many of these companies, when they decide to set up a corporate treasury centre in Hong Kong, they need certainty in terms of whether they are going to take advantage of our tax concessions. "

Hui notes bank deposits in Hong Kong are not subject to interest tax, meaning no additional tax burden. However, if an internal company lends funds to a treasury centre and earns interest, it is subject to profits tax, creating an imbalance. The new measures aim to address this issue.

Earlier, Hui visited Central Asia with Chief Executive John Lee. He described the trip as highly productive. Hui will lead a financial delegation of more than 30 members to Shanghai, Suzhou and Hangzhou, where he plans to attend events supporting mainland enterprises to expand overseas, with the goal of attracting more companies to establish operations in Hong Kong.