HKMA CEO: Local Asset and Wealth Headcount Could Double
The Hong Kong Monetary Authority’s CEO Eddie Yue is confident in the city’s financial sector growth, estimating that headcount could expand as much as 100 percent.
As of the end of 2024, the number of staff engaged in asset and wealth management activities in Hong Kong was 53,695, according to the Securities and Futures Commission’s Asset and Wealth Management Activities Survey 2024, down slightly compared to 53,883 at end-2023. However, last year saw growth across the board, including a 13 percent increase in total assets under management to HK$35 trillion ($4.5 trillion), leading to renewed optimism.
«Some private banks have expanded their office spaces, increasing their floor area by some 35 percent to over 50 percent. Recently, a number of international banks and asset management firms have announced plans to further enlarge their operations in the city, with headcount growth projected to range from 10 percent to 100 percent in the next few years,» said Hong Kong Monetary Authority (HKMA) CEO Eddie Yue in a commentary.
Citi’s global wealth head Andy Sieg, for example, said the US lender aims to expand the number of private bankers in Asia, highlighting a positive outlook in Hong Kong during his visit to the city in April. In other cases, hiring would be driven by fresh entrants, such as Taiwan-based KGI Bank which opened its first overseas branch in Hong Kong to focus on offshore private banking.
Growing Digital Asset Offering
One of the growth drivers cited was the burgeoning digital asset market. As of mid-July 2025, 22 banks have been allowed to distribute digital asset-related products; 13 banks to distribute tokenized securities; and five banks to provide custodial services for digital assets. In the first half of the year, the total transactions of digital asset-related products surged 233 percent year-on-year to HK$26.1 billion.
And in the latest, Hong Kong’s new stablecoin regime also came into effect on August 1.
«Hong Kong is poised for continued growth in the digital asset space, providing fresh impetus for its wealth management sector,» Yuen added.
Regulatory Support
Aside from digital assets, regulators have also been providing support elsewhere. This includes a revamped investment migration scheme; the launch of a preferential tax regime for private equity funds, carried interest, and single family offices; a streamlined approach for suitability assessment and product disclosure processes aimed at sophisticated investors; and an upgraded cross-border wealth management scheme with mainland China.
«Hong Kong is forecasted to become the world’s largest wealth management center in the coming years,» Yuen remarked, citing a BCG report that estimates nearly $1 trillion of inflows to the city from 2024 to 2029.
«In this regard, the HKMA will continue to work closely with the Government, the industry, and the international community to drive policy innovation and market enhancements, further strengthening Hong Kong’s competitiveness and solidifying its position as an international hub for wealth management and asset allocation.»
