Wealth Connect Participation Surges as Hong Kong Eyes Global Wealth Hub Status

Participation in the Cross-boundary Wealth Management Connect (WMC) 2.0 scheme soared by over 1.2 times to exceed 162,000 investors by end-June, according to the Hong Kong Monetary Authority (HKMA). Southbound investments doubled to more than RMB16bn (USD2.2bn), with asset allocation sharply shifting from deposits to funds and bonds. Fund holdings rose to 36% from 1.4%, while deposits dropped to 59%. Banks have enhanced accessibility through remote advisory services and streamlined consent mechanisms. Although no timeline has been set for WMC 3.0, authorities are prioritising regional expansion of WMC 2.0. The HKMA also highlighted digital assets and rising global interest in Chinese assets as key drivers of Hong Kong’s ambition to become the world’s premier wealth management centre.