Citi Hong Kong Wealth Boom Spurs Adviser Hiring

Citigroup has expanded its Asia private bank adviser headcount by 10% this year amid a Hong Kong wealth boom, as capital inflows drive surging client demand for equities, bonds, and alternative assets. Investors from Europe, Southeast Asia and mainland China have channelled funds into Hong Kong, where total private bank assets under management rose 15% in 2024 to HKD10.4tr (USD1.3tr), according to regulators. Citi reported record interest in hedge funds, private equity and private credit, with Asian clients’ alternative allocations in the first half of 2025 already exceeding last year’s total. This growth supported a 20% year-on-year rise in Citigroup’s global private banking revenue in the second quarter.