Christopher Hui: Hong Kong Ranks First Globally in Cross-Border Wealth Management Scale
Taylor Wilson
Hong Kong's assets under management rose 20% to HK$42.2 trillion, a record high, while net fund inflows surged 193%. Secretary Christopher Hui declared the city the world's largest cross-border wealth hub, projecting 9% annual growth through 2030.
What does HK$42.2 trillion actually mean?
According to the SFC's latest survey, Hong Kong's total AUM climbed 20% year-on-year to HK$42.2 trillion in 2025 — an all-time record.
Net fund inflows surged 193% to HK$2.1 trillion. This means → it is not just the stock of money growing — the rate of new money arriving nearly tripled.
Cross-border wealth managed in Hong Kong is projected to grow 9% annually from 2025 to 2030, keeping the city at the top. In plain terms = Hong Kong is not only the biggest now; at this pace, rivals will struggle to catch up over the next five years.
Why is mainland money accelerating south?
The Mainland–Hong Kong Mutual Recognition of Funds (MRF) scheme, in effect since 2015, was upgraded on 1 January 2025: sales-ratio caps for recognised funds in the host market were relaxed, and Hong Kong funds were allowed to delegate investment management to overseas affiliates within the same group.
Results came fast — by the end of May 2026, 85 funds had been approved by both regulators. Full-year 2025 net subscriptions to Hong Kong MRF funds on the mainland hit RMB 82.5 billion, up 2.3× year-on-year.
This reflects a policy "opening of the gates" — mainland investors' demand for offshore allocation is real, and Hong Kong is the nearest, lowest-barrier exit.
How are Wealth Management Connect and the fund platform progressing?
Since Wealth Management Connect 2.0 launched in February 2024, the number of mainland investors in Hong Kong products jumped from roughly 25,000 to about 126,000 — a fivefold increase. By end-May 2026, total individual participants exceeded 181,000, with cross-border remittances topping RMB 138 billion.
The product menu has widened: all Hong Kong-domiciled, SFC-authorised, non-complex Greater China equity funds are now eligible regardless of risk rating, along with other funds rated "low" to "medium-high" risk and "low" to "medium" risk non-complex bonds.
HKEX's Integrated Fund Platform — a centralised system for fund trading, settlement, and agent services — has attracted 55 financial institutions. An expanded "platform and agent services" module is expected in the second half of 2026 to cut transaction costs further.
How far has mutual recognition of professional qualifications gone?
Securities and futures: professionals licensed by the SFC need only pass a mainland legal-and-regulatory exam — no baseline-subject exam required — to practise on the mainland.
Banking: the Hong Kong Institute of Bankers and the China Banking Association signed a mutual-recognition agreement in 2009, supplemented in 2010, 2015, and 2022, allowing practitioners on both sides to obtain "dual qualifications."
This means → administrative barriers to talent mobility are being dismantled step by step, building the human-capital base for cross-border expansion.
What should we watch next?
Secretary Hui said the government and regulators will work with mainland counterparts to study further enhancements.
In plain terms = the numbers look strong, but sustainability hinges on two things: whether Wealth Management Connect participation keeps expanding, and whether the eligible product range widens further.
These two metrics are the key checkpoints for whether Hong Kong can cement its position as the world's top cross-border wealth hub.
Content is for reference only, not financial advice.