Hong Kong delivered a standout year as a leading global asset and wealth management hub in 2025, as total assets under management (AUM) jumped 20% year-on-year (YoY) to a record high of $42.2 trillion (US$5.4 trillion), according to the Securities and Futures Commission's (SFC) Asset and Wealth Management Activities Survey 2025 published today (Notes 1, 2 and 3).
The record AUM, which surpassed the previous peak of $35.5 trillion (US$4.6 trillion) in 2021, was partly driven by net fund inflow surge of 193% YoY to $2.1 trillion (US$265 billion), marking a third consecutive year of growth (Note 4). Among the major segments, the AUM of the asset management and fund advisory business recorded solid 19% YoY growth to $31 trillion (US$4 trillion); that of private banking and private wealth management business also increased by an impressive 24% YoY to $12.9 trillion (US$1.7 trillion).
Hong Kong-domiciled funds authorised by the SFC also posted robust growth, with net asset value up 38% to $2.3 trillion (US$292 billion) as at end-2025. This momentum has continued into 2026 with a further 13% increase to $2.6 trillion (US$330 billion) as at end-May 2026. Net fund inflows into these funds more than doubled to $357 billion (US$45.7 billion) in 2025, followed by $118 billion (US$15.1 billion) in the first five months of 2026 (Note 5).
The city’s growth of high quality was underpinned by its geographically diversified and predominantly institution-oriented investor base. Investors from outside Chinese Mainland and Hong Kong have accounted for more than 54% of total AUM in recent years, reaffirming the sector’s global reach. At the same time, the sector’s strong institutional orientation underscores Hong Kong’s role as a platform for institutional mandates and professional expertise.
Hong Kong asset managers continued to demonstrate strong capabilities in global asset allocation and portfolio diversification, driving the city’s further evolution as an all-weather financial hub. In 2025, they invested 56% of AUM outside the Mainland and Hong Kong, while the AUM of their bond investments recorded double-digit growth for a second consecutive year.
Over the past five years, the share of non-equity investments rose by 7 percentage points to 58%. This reflects Hong Kong asset managers’ strategic diversification to navigate changing global conditions, as well as the city’s growing fixed income and currency markets.
The SFC’s survey results chime with the findings from Boston Consulting Group’s (BCG) Global Wealth Report 2026, which identified Hong Kong as the world’s largest cross-border wealth centre in 2025, with US$2.9 trillion in cross-border wealth.
"2025 highlighted Hong Kong’s unparalleled resilience to worldwide headwinds and growing influence as a leading asset and wealth management hub, driven by the unwavering confidence of global investors, vibrant market innovation and a world-class talent pool," said Ms Elisa Ng, the SFC's Executive Director of Investment Products. "Looking ahead, the SFC remains committed to continued regulatory enhancements to foster Hong Kong’s competitiveness as a premier international financial centre and a leading offshore renminbi hub."
Other highlights of the SFC’s report include:
- Net fund inflows for the asset management and fund advisory business segment surged 330% to $1.38 trillion (US$177.3 billion) in 2025.
- Mainland-related firms in Hong Kong outperformed overall AUM growth with a 28% YoY increase in asset and wealth management AUM to $3.9 trillion (US$507 billion), supported by an 80% net fund inflow surge.
- The number of registered open-ended fund companies increased by 43% YoY, reflecting continued support for Hong Kong’s corporate fund structure.
- The number of firms licensed to manage assets (Type 9 regulated activity) in Hong Kong increased by 7% YoY to 2,358, while Type 9 licensed individuals grew by 5% to 15,747, pointing to industry expansion.
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, 1,316 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, 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 YoY basis (ie, 2025 over 2024). Amounts shown in US dollars were converted at the prevailing exchange rate.
- The number of SFC-authorised Hong Kong-domiciled funds increased by 9% to 1,041 in 2025 and further increased to 1,072 at end-May 2026.
Appendix
