Private Wealth Optimism Flies Sky-High in Hong Kong

Private Wealth Optimism Flies Sky-High in Hong Kong

Sentiments are booming in Hong Kong as optimism in wealth management has gone through the roof, according to an industry report.

Positivity is unanimous with 100 percent of member firms at the Private Wealth Management Association (PWMA) expressing optimism about Hong Kong’s wealth industry over the next five years, according to the tenth annual PWMA report, up from 76 percent compared to 2024.

Client demand for new accounts and assets to be booked in Hong Kong has nearly doubled year-on-year with 59 percent of firms reporting increased demand, compared to 34 percent last year. Mainland Chinese continue to be the primary source of business, accounting for 57 percent of assets under management today and this figure is projected to rise to 63 percent in the next five years.

Geopolitical instability and macroeconomic uncertainty continue to be cited as the top concerns.

Alternatives, Digital Assets

On investments, alternatives demand is on the rise. 44 percent of client portfolios are allocating less than 5 percent to the asset class but one-third of firms expect this to more than double (11-15 percent) by 2030. Digital assets are also entering the mainstream with 52 percent of firms claiming they are now either already investing or planning to invest in trading platforms, custody, or product services in the next two to three years – a twofold increase compared to 2024.

«We are thrilled to see Hong Kong firmly back on its growth trajectory. The hard work and collaboration between the private and public sectors over the past years – whether through policy support or market outreach efforts – are now paying off,» said PWMA executive committee chair and UBS’ Asia global wealth chair Amy Lo.

«This is reflected in the 15 percent increase in assets under management within the private wealth management sector, reaching HK$10,404 billion ($1.3 trillion), driven by an impressive 13 percent net fund inflow for the year.»

The report, jointly authored by KPMG, was based on interviews conducted between June and August 2025 with 80 percent of PWMA’s institution members, nine ecosystem members and five non-member firms involved in digital assets or exchanges. The association has a total of 64 members, marking a 54 percent increase.