Hong Kong’s resurgence reflects a new wealth order

The S&P 500’s blistering rally and the prospect of blockbuster IPOs from the likes of SpaceX, Anthropic and OpenAI suggest that the US will once again create wealth at a pace unmatched by any other hub during 2026 – and indeed well beyond that. Our Wealth Report 2026 forecasts (P.8) showed that America will be home to 41% of the world's ultra-high-net worth population by 2031, up from 35% today. Every country will hold a smaller share by then to accommodate the relentless expansion of the US. 
But while this paints a picture of consolidation of wealth by a single power, the reality is quite different. Geopolitical tensions, domestic political instability and shifting tax regimes are pushing the wealthy to spread their assets across jurisdictions, crowning new cross-border wealth powerhouses in the process.

The rise of Hong Kong offers the perfect case study. The city overtook Switzerland as the world's largest cross-border booking centre during 2025, according to new figures from Boston Consulting Group (BCG). Cross-border wealth rose 10.7% to $2.9 trillion, driven by mainland China flows and a surge in IPO activity. Listing companies in Hong Kong remains the primary route for minting new wealth in China, and companies raised US$36 billion via Hong Kong Stock Exchange during 2025, up 218% year-on-year and overtaking the New York Stock Exchange, according to EY.

Singapore and the United Arab Emirates complete BCG's top three in terms of growth in cross-border wealth flows. Singapore flows climbed 10.3% to US$2.1 trn and remains the most diversified wealth hub in Asia, benefiting from its role as a bridge between Asian and Western capital markets. The UAE is also gaining ground rapidly. Cross-border wealth booked in the country climbed 11.1% to $721 billion, supported by the expansion of financial centres in Dubai and Abu Dhabi, along with the country’s appeal as a secondary domicile for international wealthy individuals. 

Hub networks

Geopolitical risks and favourable regulatory and tax regimes are driving these shifts, but the rapid expansion of financial wealth in Asia-Pacific due to the region's central role in the AI supply chain and equity market performance in Hong Kong and Japan is also rebalancing the scales. Financial wealth in mainland China expanded 15% in 2025 and will grow 9% annually through 2030, according to BCG. The rest of Asia-Pacific grew by 9.2%, with 7% annual growth expected over the same period. Trade barriers remain a risk, but the region is set to remain among the fastest-growing globally.

The BCG research describes the emergence of two hub networks, one anchored by Hong Kong and Singapore that serves mainland Chinese, Indian, and Southeast Asian capital, and one anchored by Switzerland, the US, and the UK, serving European, Middle Eastern, and Latin American wealth.

This theme emerged in Knight Frank's Family Office Survey (P.18 of The Wealth Report 2026), which drew from exclusive interviews with more than 40 family offices in Q1 2026, spanning London, New York, Dubai, Singapore, Hong Kong and beyond. Wealthy families are increasingly establishing multiple bases in order to access deals, networks and talent. London and New York remain important centres in the sector, but newer hubs such as Dubai, Hong Kong and Singapore are gaining momentum. Despite the uncertainty caused by the Iran war, Dubai feels – as one interviewee put it – like “the” corridor through which global wealth is flowing, thanks to its connectivity and pro-business environment.

Taken for granted

The latter is what really differentiates these rising hubs from some of the established wealth centres, perhaps most notably London. Exports of financial services are now a key driver of growth in the likes of Hong Kong, which leads to an influx of additional high-income jobs – bankers, lawyers, tax advisers, fund managers and so on – which supports demand for housing, schools, hospitality and other services. I touched on this last week after the government floated its new "oligarch premium". 

Across the Family Office interviews, London emerged as a city under pressure. Sentiment is noticeably more cautious than a decade ago, yet few believe London’s importance will disappear. Many point to a tangible erosion in the UK’s appeal. Unpredictable government decisions and shifting regulation are pushing some investors to look more actively at the Middle East, Europe and Asia. As one participant observed: “There will never be a place that is geographically, legally and structurally as well set up to attract wealth and investment as London. Yet it has been taken for granted, and the loss of tax to the UK is staggering."

However, London’s decline is relative rather than absolute. The city’s deep financial ecosystem, global connectivity and time zone advantages remain powerful anchors in an era of increased global mobility. Even when principals relocate, family offices frequently retain a London base because, as one interviewee noted, “this is where business happens”.

What emerges from all this is not the decline of one global centre and the rise of another, but a more distributed system of wealth creation and wealth management. Capital is becoming increasingly international and the competition between cities will only intensify.

Active participants

Office investment volumes across the UK's key regional cities rose sharply in Q1, with £531m of office stock transacted, the highest quarterly total in the past 12 months, according to new Knight Frank figures. A total of 33 deals were completed during the first quarter, well above the five-year quarterly average of 23 deals.

Private equity investors and UK-based property companies are the most active participants, together accounting for around 57% of total investment volumes in Q1. Over the coming year, this base is expected to broaden as overseas capital and UK institutional investors return to the market, attracted by the relative value and long-term, income-secure returns offered by regional office assets, writes Knight Frank's Darren Mansfield. 

Momentum is expected to build into 2026, with approximately £740m of assets under offer at quarter-end and a further £800m currently being marketed.

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Andy Burnham says land in the UK is ‘undertaxed’ (FT).