Hong Kong Wealth Boom Spurs Private Banking Expansion and Hiring Surge

Hong Kong’s thriving private banking and wealth management sectors are fuelling a surge in hiring and office space expansion, the Hong Kong Monetary Authority reported. Assets under management by major private banks in the city climbed 14% in H1 2025, while transactions reached HKD4.47tr (USD570bn) in 2024, marking a 50% year-on-year increase. Over the past two years, more than 400 new wealth managers have joined the industry, with some institutions expanding their office footprints by up to 50%. Wealth inflows, cross-border connect schemes, and heightened demand from mainland China’s high-net-worth individuals are driving Hong Kong’s ambition to become the world’s top wealth management hub.