Hong Kong Mainland Wealth Share Rises to Projected 68 Percent by 2030
A recent report predicts Hong Kong will see its wealth management market dominated by mainland Chinese clients within the next five years, reaching a projected share of 68 percent.
Hong Kong banks project that contributions from mainland Chinese investors to the city's wealth management sector will continue growing through 2030. A report released on Friday by the Hong Kong Association of Banks and Deloitte China estimates that mainland China's share of local assets under management will rise from the current 59 percent to 68 percent within five years. Stephen Chan, acting chairman of HKAB and deputy CEO of Bank of China (Hong Kong), stated at a briefing that Hong Kong remains the world's largest cross-border wealth management centre. He emphasized its role as a vital platform linking mainland China with international capital. David Wu, a financial services industry leader for Deloitte China, noted that banks view wealth management as the biggest growth driver despite Beijing's tightened cross-border tax rules. The report suggests banks integrating portfolio construction, family governance, succession planning, and digital asset custody will be best positioned to capitalise on this expansion.
