Hong Kong rode a new wave of growth as a pre-eminent international asset and wealth management hub, notching a robust year-on-year gain of 13% in assets under management (AUM) and an 81% surge in net fund inflows last year, according to the Securities and Futures Commission's (SFC) Asset and Wealth Management Activities Survey 2024 published today (Notes 1, 2 and 3).
The total AUM rose to $35.1 trillion (US$4.53 trillion) for Hong Kong’s asset and wealth management business as at end-2024, powered by net fund inflows of $705 billion (US$91 billion) (Note 4). In particular, the AUM of private banking and private wealth management business grew 15% year-on-year to $10.4 trillion (US$1.3 trillion).
Hong Kong-domiciled funds authorised by the SFC also showed robust growth. Their net asset value increased 22% to $1.64 trillion (US$211 billion) as at end-2024 and further grew 21% to $1.99 trillion (US$256 billion) as at end-May 2025. They recorded net fund inflows of $163 billion (US$20.9 billion) during 2024, followed by $237 billion (US$30.5 billion) during the first five months of 2025 (Note 5).
Leveraging their global investment management expertise, the city’s asset managers allocated 59% of assets outside Mainland China and Hong Kong. Their non-equity investment grew 13 percentage points to 59% over the past five years, reflecting a shift towards more diversified strategies in response to rapidly-changing global conditions.
The survey results coincide with the findings of the recently published Boston Consulting Group’s (BCG) Global Wealth Report 2025, which ranked Hong Kong alongside Switzerland as the world’s top-two cross-border wealth centre in 2024. According to BCG's report, the city recorded the highest absolute growth of US$231 billion in cross-border wealth, and the 9.6% year-on-year increase also outperformed the global average.
"Hong Kong is gaining more clout than ever as a leading international hub for asset and wealth management, propelled by strong fund inflows, financial innovation and a growing talent pool," said Ms Christina Choi, the SFC's Executive Director of Investment Products. "The SFC is committed to supporting Hong Kong’s continued advancement as a full-service international financial centre and a leading offshore renminbi hub through fixed income and currency market developments."
Other highlights of the SFC’s report include:
- Net fund inflows for the asset management and fund advisory business soared 571% to $321 billion (US$41.3 billion) in 2024.
- The number of registered open-ended fund companies (OFCs) continued to show strength with 93% year-on-year surge in 2024, as asset managers further took advantage of Hong Kong’s corporate fund structure and the associated government grants.
- Mainland-related firms in the city continued to expand with 15% growth in their asset and wealth management AUM to $3.1 trillion (US$397 billion), outperforming the industry average for a fifth year in a row. Their net fund inflows jumped 68%.
- The number of firms licensed to manage assets (Type 9 regulated activity) in Hong Kong increased by 4% to 2,212.
More details of the survey can be found in the Appendix of this press release.
Notes:
- Asset and wealth management business comprises asset management, fund advisory, private banking and private wealth management, SFC-authorised real estate investment trusts and assets held under trusts.
- This year, 1,237 firms took part in the SFC’s annual Asset and Wealth Management Activities Survey, including SFC-licensed corporations engaging in asset management and fund advisory business, banks engaging in asset management, private banking and private wealth management business, and non-SFC licensed insurance companies registered under the Insurance Ordinance and trustees.
- There are entities conducting their own investment and wealth management activities in Hong Kong that may not be required to obtain a licence under the Securities and Futures Ordinance, such as single family offices, sovereign wealth funds and endowments. This survey does not include the aforementioned entities or direct investments by the Government of the Hong Kong Special Administrative Region.
- Unless stated otherwise, values given are in Hong Kong dollars and all comparisons are made on a year-on-year basis (ie, 2024 over 2023). Amounts shown in US dollars were converted at the prevailing exchange rate.
- The number of Hong Kong-domiciled SFC-authorised funds increased to 954 in 2024 and further increased to 987 at end-May 2025.
Appendix
