Cross-Border Wealth Management Puts Hong Kong Ahead of Switzerland

Hong Kong cross-border wealth management has overtaken Switzerland to become the world's largest international wealth booking centre, according to Pictet Group managing partner Laurent Ramsey.

Speaking at the Global Financial Leaders’ Investment Summit, Ramsey said geopolitical uncertainty was driving wealthy clients to spread assets across several offshore jurisdictions rather than depend on one financial centre.

EFG International chief executive Giorgio Pradelli said diversification was especially important for ultra-high-net-worth investors and argued that wealth management centres can complement, rather than compete with, one another.

Vontobel co-chief executive Christel Rendu de Lint said Hong Kong had combined stability and competitiveness over the past four years, while Switzerland dealt with the consequences of Credit Suisse's collapse.

The shift reinforces Hong Kong's importance to international family offices seeking access to multiple markets and service providers.