Chiming with a general sense of a shift in the world's economic centre of gravity, the report sees solid growth prospects for APAC's wealth industry, with Hong Kong set to leapfrog Switzerland as the world's top cross-border wealth centre.

Asia’s private wealth management industry is set for robust expansion over the next five years, with most senior practitioners forecasting strong inflows, a survey by Bloomberg Intelligence (BI) reveals.

The 2025 BI Asia Private Wealth Survey – which canvassed 100 senior professionals in Hong Kong and Singapore – found that 85 per cent expect assets under management and net new money to grow by at least 6 per cent annually, while a quarter predict double-digit growth. Rising affluence, diversification needs amid geopolitical uncertainty, and China’s expanding access to overseas markets were cited as the main drivers, it said. 

Hong Kong could overtake Switzerland in 2025 as the world’s largest cross-border wealth hub, managing $2.9 trillion by year-end, the report said, echoing claims made before about the change in the global rankings of cross-border centres.

Both Hong Kong and Singapore are expected to see cross-border wealth expand by an average of 12 per cent annually over the next five years – faster than the global rate of 10 per cent, the report said. 

The mainland China market is expected to be a critical source of growth. Survey respondents said that 30 per cent of new clients will come from the mainland over the next three to five years, up from the current 26 per cent, helped by anticipated improvements in cross-border capital market access and greater demand for investment diversification.

Respondents also identified the Middle East as an emerging source of business. Although from a smaller base, wealthy families in the Gulf are expected to look increasingly to Asia to diversify away from traditional Western wealth hubs and gain exposure to faster-growing sectors.

BI noted that client demand for sophisticated financing solutions and alternative assets is expected to remain strong. Respondents said clients are likely to increase allocations to equities, private equity, digital assets and hedge funds more than other asset classes, reflecting a willingness to embrace riskier investments in pursuit of higher returns.