Hong Kong wealth management assets hit record HK$12.9tn, industry group says
Hong Kong's private wealth management industry saw assets under management rise 24 per cent to a record HK$12.9 trillion last year, with net capital inflows surging 79 per cent, according to a report by the Hong Kong Private Wealth Management Association and KPMG.
The Hong Kong Private Wealth Management Association said the industry must continue to adapt to maintain the city's leading position as geopolitical uncertainty grows. Association executive committee chairwoman Lucina Lo said clients view Hong Kong as a trusted platform for wealth management and asset allocation, and that the industry must keep evolving to stay competitive.
The association and KPMG jointly released a report showing that Hong Kong's private banking and wealth management assets under management rose 24 per cent year on year to a record HK$12.9 trillion last year. Net capital inflows increased 79 per cent. Some 77 per cent of surveyed institutions reported rising demand from clients to open new accounts and allocate assets in Hong Kong, up 18 percentage points year on year. No institution reported a decline in demand.
Eighty-eight per cent of surveyed institutions said they had made moderate or significant progress in adopting artificial intelligence, generative AI or agentic AI technologies, up sharply by 32 percentage points year on year. Ninety-one per cent of institutions are placing greater emphasis on serving the next generation of clients and are enhancing professional services to meet their needs.
Twenty-five per cent of surveyed institutions had actively developed digital asset trading platforms, product ecosystems or custody services over the past year, while 43 per cent had added cryptocurrency exchange-traded funds or products.
Speaking at an association event, Lo said the association's corporate membership had reached 77 firms, while associate membership grew 65 per cent year on year, reflecting expansion by asset managers in Hong Kong. She noted growing interest among young people in the wealth management industry, with the association offering scholarships and other activities to cultivate talent. This year it held more than 30 training and professional development events with over 3,000 participants.