Hong Kong SFC Asset & Wealth Management Survey 2024: Asset & Wealth Management AUM at $4.5 Trillion with 2,212 Licensed Firms & 53,695 Headcount, Private Banking & Wealth Management $1.3 Trillion, Asset & Fund Advisory $3.3 Trillion, Asset Management in Hong Kong $1.7 Trillion, Assets under Trust $732 Billion, Asset & Wealth Management Source of AUM are Hong Kong Investors 37%, China Mainland Investors 9%, APAC ex-China & Hong Kong 14%, North America 24%, Europe 10% & Others 7%, Private Banking & Wealth Management AUM by Product are Listed Equities 39%, Cash & Deposits 19%, Private Funds 15%, Bonds 7%, Public Funds 8%, Managed Accounts 4% & Others 8%, Asset Management AUM by Asset Class are Equities 41%, Bonds 29%, Collective Investment Schemes 14%, Cash & Money Markets 7% & Others 5%
7th August | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has released the Hong Kong SFC Asset & Wealth Management Survey 2024, providing key insights into Hong Kong asset management, wealth management & private banking industry in 2024. In 2024, Asset & Wealth Management AUM – $4.5 trillion. Private Banking & Wealth Management AUM – $1.3 trillion. Asset & Fund Advisory AUM – $3.3 trillion. Asset Management AUM in Hong Kong – $1.7 trillion. Assets under Trust AUM – $732 billion. China Mainland Asset & Wealth Management AUM (Related LCs & RIs) AUM – $394 billion. Hong Kong RMB Center 2024 May Deposits – $143 billion. Asset & Wealth Management No. of licensed firms (Type 9) – 2,212. Private Banking & Wealth Management No. of licensed firms – 94 (48 licensed corporations, 46 registered institutions). China Mainland Asset & Wealth Management No. of related LCs & RIs – 148. Asset & Wealth Management Headcount – 53,695 (Sales & marketing 57%, Others 43%). Private Banking & Wealth Management Headcount – 9,920 staff. Private Wealth Management Relevant Practitioners – 3,108 (31.3% of total staff). China Mainland Asset & Wealth Management related LCs & RIs Headcount – 4,095. Asset & Wealth Management Source of AUM – Hong Kong Investors 37%, Non-Hong Kong Investors 63%. Asset & Wealth Management Source of AUM Breakdown – Hong Kong Investors 37%, China Mainland Investors 9%, APAC ex-China & Hong Kong 14%, North America 24%, Europe 10%, Others 7%. Private Banking & Wealth Management AUM by Investor Origin – Hong Kong 46%, Mainland China 17%, APAC ex-Hong Kong & China 18%, North America 5%, Europe 4%, Others 8%. Private Banking & Wealth Management AUM by Client Type – Corporations / financial institutions / funds 45%, Individuals 30%, Family offices & private trusts 17%, Charities 1%, Other Institutional & corporates 4%, Non-Professional Investors & Retail 4%. Private Banking & Wealth Management AUM by Product – Listed equities 39%, Cash & deposits 19%, Private funds 15%, Bonds 7%, Public funds 8%, Managed accounts 4%, Others 8%. Private Banking & Wealth Management Investment by Geography – Hong Kong 30%, China Mainland 6%, Japan 2%, APAC ex-Hong Kong, China & Japan 10%, North America 29%, Europe 16%, Others 7%. Asset & Fund Advisory Client type total AUM – Professional investors 73%, Non-professional investors & retail 27%. Asset & Fund Advisory Professional investors (70%) Breakdown – Corporations / financial institutions / funds 48%, Governments / sovereign wealth funds / central banks 10%, Individuals 3%, Family offices & private trusts 2%, Charities 1%, Other Institutional & corporates 9%. Asset & Fund Advisory Product type – Public funds 34%, Managed accounts 28%, Private funds 20%, Pension funds (including MPF & ORSO schemes) 7%, Others 11%. Asset Management AUM by Asset Class – Equities 41%, Bonds 29%, Collective investment schemes 14%, Cash & money markets 7%, Others 5%. Asset Management AUM Investment by Geography – APAC – 58%, Non-APAC – 42%. Asset Management AUM Investment by Geography Breakdown – Hong Kong 28%, China Mainland 13%, Japan 4%, APAC ex-Hong Kong, China & Japan 13%, North America 19%, Europe 17%, Others 6%. Assets under Trust AUM Investment by Geography – Hong Kong 43%, China Mainland 12%, Japan 2%, APAC ex-Hong Kong, China & Japan 7%, North America 18%, Europe 13%, Others 5%. Assets under Trust AUM by Client Type – Public funds 30%, Pension funds (including MPF & ORSO) 44%, Others 26%. See below for key findings & summary | View report here
“ Hong Kong SFC Asset & Wealth Management Survey 2024: Asset & Wealth Management AUM at $4.5 Trillion with 2,212 Licensed Firms & 53,695 Headcount, Private Banking & Wealth Management $1.3 Trillion, Asset & Fund Advisory $3.3 Trillion, Asset Management in Hong Kong $1.7 Trillion, Assets under Trust $732 Billion, Asset & Wealth Management Source of AUM are Hong Kong Investors 37%, China Mainland Investors 9%, APAC ex-China & Hong Kong 14%, North America 24%, Europe 10% & Others 7%, Private Banking & Wealth Management AUM by Product are Listed Equities 39%, Cash & Deposits 19%, Private Funds 15%, Bonds 7%, Public Funds 8%, Managed Accounts 4% & Others 8%, Asset Management AUM by Asset Class are Equities 41%, Bonds 29%, Collective Investment Schemes 14%, Cash & Money Markets 7% & Others 5% “
Hong Kong SFC Asset & Wealth Management Survey 2024: Asset & Wealth Management AUM at $4.5 Trillion with 2,212 Licensed Firms & 53,695 Headcount, Private Banking & Wealth Management $1.3 Trillion, Asset & Fund Advisory $3.3 Trillion, Asset Management in Hong Kong $1.7 Trillion, Assets under Trust $732 Billion, Asset & Wealth Management Source of AUM are Hong Kong Investors 37%, China Mainland Investors 9%, APAC ex-China & Hong Kong 14%, North America 24%, Europe 10% & Others 7%, Private Banking & Wealth Management AUM by Product are Listed Equities 39%, Cash & Deposits 19%, Private Funds 15%, Bonds 7%, Public Funds 8%, Managed Accounts 4% & Others 8%, Asset Management AUM by Asset Class are Equities 41%, Bonds 29%, Collective Investment Schemes 14%, Cash & Money Markets 7% & Others 5%
The Hong Kong Securities & Futures Commission (SFC) has released the Hong Kong SFC Asset & Wealth Management Survey 2024, providing key insights into Hong Kong asset management, wealth management & private banking industry in 2024. See below for key findings & summary | View report here
Hong Kong SFC Asset & Wealth Management Survey 2024
Summary – Overview
- Asset & Wealth Management AUM – $4.5 trillion
- Private Banking & Wealth Management AUM – $1.3 trillion
- Asset & Fund Advisory AUM – $3.3 trillion
- Asset Management AUM in Hong Kong – $1.7 trillion
- Assets under Trust AUM – $732 billion
- China Mainland Asset & Wealth Management AUM (Related LCs & RIs) AUM – $394 billion
- Hong Kong RMB Center 2024 May Deposits – $143 billion
- Asset & Wealth Management No. of licensed firms (Type 9) – 2,212
- Private Banking & Wealth Management No. of licensed firms – 94 (48 licensed corporations, 46 registered institutions)
- China Mainland Asset & Wealth Management No. of related LCs & RIs – 148
- Asset & Wealth Management Headcount – 53,695 (Sales & marketing 57%, Others 43%)
- Private Banking & Wealth Management Headcount – 9,920 staff
- Private Wealth Management Relevant Practitioners – 3,108 (31.3% of total staff)
- China Mainland Asset & Wealth Management related LCs & RIs Headcount – 4,095
Summary
- Asset & Wealth Management Source of AUM – Hong Kong Investors 37%, Non-Hong Kong Investors 63%
- Asset & Wealth Management Source of AUM Breakdown – Hong Kong Investors 37%, China Mainland Investors 9%, APAC ex-China & Hong Kong 14%, North America 24%, Europe 10%, Others 7%
- Private Banking & Wealth Management AUM by Investor Origin – Hong Kong 46%, Mainland China 17%, APAC ex-Hong Kong & China 18%, North America 5%, Europe 4%, Others 8%
- Private Banking & Wealth Management AUM by Client Type – Corporations / financial institutions / funds 45%, Individuals 30%, Family offices & private trusts 17%, Charities 1%, Other Institutional & corporates 4%, Non-Professional Investors & Retail 4%
- Private Banking & Wealth Management AUM by Product – Listed equities 39%, Cash & deposits 19%, Private funds 15%, Bonds 7%, Public funds 8%, Managed accounts 4%, Others 8%
- Private Banking & Wealth Management Investment by Geography – Hong Kong 30%, China Mainland 6%, Japan 2%, APAC ex-Hong Kong, China & Japan 10%, North America 29%, Europe 16%, Others 7%
- Asset & Fund Advisory Client type total AUM – Professional investors 73%, Non-professional investors & retail 27%
- Asset & Fund Advisory Professional investors (70%) Breakdown – Corporations / financial institutions / funds 48%, Governments / sovereign wealth funds / central banks 10%, Individuals 3%, Family offices & private trusts 2%, Charities 1%, Other Institutional & corporates 9%
- Asset & Fund Advisory Product type – Public funds 34%, Managed accounts 28%, Private funds 20%, Pension funds (including MPF & ORSO schemes) 7%, Others 11%
- Asset Management AUM by Asset Class – Equities 41%, Bonds 29%, Collective investment schemes 14%, Cash & money markets 7%, Others 5%
- Asset Management AUM Investment by Geography – APAC – 58%, Non-APAC – 42%
- Asset Management AUM Investment by Geography Breakdown – Hong Kong 28%, China Mainland 13%, Japan 4%, APAC ex-Hong Kong, China & Japan 13%, North America 19%, Europe 17%, Others 6%
- Assets under Trust AUM Investment by Geography – Hong Kong 43%, China Mainland 12%, Japan 2%, APAC ex-Hong Kong, China & Japan 7%, North America 18%, Europe 13%, Others 5%
- Assets under Trust AUM by Client Type – Public funds 30%, Pension funds (including MPF & ORSO) 44%, Others 26%
Hong Kong SFC Asset & Wealth Management Survey 2024
1) Overview
AUM Overview:
- Asset & Wealth Management – $4.5 trillion
- Private Banking & Wealth Management – $1.3 trillion
- Asset & Fund Advisory – $3.3 trillion
- Asset Management in Hong Kong – $1.7 trillion
- Assets under Trust – $732 billion
- China Mainland Asset & Wealth Management AUM (Related LCs & RIs) – $394 billion
- Hong Kong RMB Center 2025 April Deposits – $143 billion
No. of firms:
- Asset & Wealth Management No. of licensed firms (Type 9) – 2,212 (+85 firms)
- Private Banking & Wealth Management No. of licensed firms – 94 (48 licensed corporations, 46 registered institutions)
- China Mainland Asset & Wealth Management No. of related LCs & RIs – 148
Headcount:
- Asset & Wealth Management Headcount – 53,695 (Sales & marketing 57%, Others 43%)
- Private Banking & Wealth Management Headcount – 9,920 staff
- Private Wealth Management Relevant Practitioners – 3,108 (31.3% of total staff)
- China Mainland Asset & Wealth Management related LCs & RIs Headcount – 4,095
2) Asset & Wealth Management
Asset & Wealth Management Overview:
- AUM – $4.5 trillion (+13% YoY Increase)
- Net inflow – $91 billion
- No. of licensed firms (Type 9) – 2,212 (+85 firms)
- Headcount – 53,695
No. of Licensed Firms (Type 9):
- 2022 – 2,069
- 2023 – 2,127
- 2024 – 2,212
Asset & Wealth Management AUM:
- 2020 – $4.47 trillion
- 2021 – $4.55 trillion
- 2022 – $3.91 trillion
- 2023 – $3.99 trillion
- 2024 – $4.52 trillion
Asset & Wealth Management AUM (HKD):
- 2020 – $34.9 trillion
- 2021 – $35.5 trillion
- 2022 – $30.5 trillion
- 2023 – $31.1 trillion
- 2024 – $35.1 trillion
Source of AUM:
- Hong Kong Investors – 37%
- Non-Hong Kong Investors – 63%
Source of AUM Breakdown:
- Hong Kong Investors – 37%
- China Mainland Investors – 9%
- APAC ex-China & Hong Kong – 14%
- North America – 24%
- Europe – 10%
- Others – 7%
Asset & Wealth Management Headcount:
- Sales & marketing – 30,617 (57%)
- Others – 23,078 (43%)
- Total – 53,695 staff
Asset & Wealth Management Headcount Breakdown:
- Sales & marketing – 30,617 (57%)
- Asset management – 4,075 (7%)
- Fund administration – 3,254 (6%)
- Risk management / legal & compliance – 3,045 (6%)
- Research / analysis – 2,852 (5%)
- Dealing / trading – 1,957 (4%)
- Corporate planning & business management – 1,995 (4%)
- Supporting units – 5,900 (11%)
- Total – 53,695 staff
3) Private Banking & Wealth Management
Private Banking & Wealth Management AUM:
- AUM – $1.3 trillion (+15% YoY Increase)
- Net inflow – $49 billion
- No. of licensed firms – 94 (48 licensed corporations, 46 registered institutions)
- Headcount – 9,920 staff
- Private Wealth Management Relevant Practitioners – 3,108 (31.3% of total staff)
Private Banking & Wealth Management AUM:
- 2019 – $1.16 trillion
- 2020 – $1.45 trillion
- 2021 – $1.35 trillion
- 2022 – $1.14 trillion
- 2023 – $1.15 trillion
- 2024 – $1.32 trillion
Private Banking & Wealth Management AUM by Investor Origin:
- Hong Kong – 48%
- Mainland China – 17%
- APAC ex-Hong Kong & China – 18%
- North America – 5%
- Europe – 4%
- Others – 8%
Private Banking & Wealth Management AUM by Client Type:
- Corporations / financial institutions / funds – 46%
- Individuals – 30%
- Family offices & private trusts – 15%
- Charities – 1%
- Other Institutional & corporates – 4%
- Non-Professional Investors & Retail – 4%
Private Banking & Wealth Management AUM by Product:
- Listed equities – 39%
- Cash & deposits – 19%
- Private funds – 15%
- Bonds – 7%
- Public funds – 8%
- Managed accounts – 4%
- Others – 8%
Private Banking & Wealth Management Investment by Geography:
- Hong Kong – 30%
- China Mainland – 6%
- Japan – 2%
- APAC ex-Hong Kong, China & Japan – 10%
- North America – 29%
- Europe – 16%
- Others – 7%
4) Asset Management & Fund Advisory
Asset & Fund Advisory AUM:
- AUM – $3.31 trillion (+13% YoY Increase)
- Net inflow – $41 billion
Asset & Fund Advisory AUM:
- 2019 – $2.56 trillion
- 2020 – $3.08 trillion
- 2021 – $3.38 trillion
- 2022 – $2.87 trillion
- 2023 – $2.95 trillion
- 2024 – $3.31 trillion
By Market Player Total AUM:
- Asset management (LCs) – 76%
- Fund advisory (LCs) – 10%
- REITs (LCs) – 1%
- Asset management (RIs) – 9%
- Asset management (ICs) – 5%
By Client Type Total AUM:
- Professional investors – 73%
- Non-professional investors & retail – 27%
Professional Investors Breakdown (73%):
- Corporations / financial institutions / funds – 48%
- Governments / sovereign wealth funds / central banks – 10%
Individuals – 3% - Family offices & private trusts – 2%
- Charities – 1%
- Other Institutional & corporates – 9%
AUM By Product Type:
- Public funds – 34%
- Managed accounts – 28%
- Private funds – 20%
- Pension funds (including MPF & ORSO schemes) – 7%
- Others – 11%
“Licensed corporation” means a corporation granted a licence under section 116 or 117 of the SFO to carry on a regulated activity in Hong Kong. “Registered institution” means an authorised financial institution registered under section 119 of the SFO. An authorised financial institution means an authorised institution as defined in section 2(1) of the Banking Ordinance
5) Asset Management
Asset Management AUM in Hong Kong – $1.7 trillion
Asset Management AUM by Asset Class:
- Equities – 41%
- Bonds – 29%
- Collective investment schemes – 14%
- Cash & money markets – 11%
- Others – 5%
Asset Management AUM investment by Geography:
- APAC – 58%
- Non-APAC – 42%
Asset Management AUM investment by Geography Breakdown:
- Hong Kong – 28%
- China Mainland – 13%
- Japan – 4%
- APAC ex-Hong Kong, China & Japan – 13%
- North America -19%
- Europe – 17%
- Others – 6%
6) Assets under Trust
Assets under Trust AUM – $733 billion (+11% YoY Increase)
Assets under Trust AUM:
- 2019 – $492 billion
- 2020 – $574 billion
- 2021 – $605 billion
- 2022 – $641 billion
- 2023 – $665 billion
- 2024 – $733 billion
Assets held under trusts represent assets held by trustees for their trust related business in Hong Kong regardless of where the assets are situated. These include offshore trusts administered in Hong Kong.
Assets under Trust AUM investment by Geography:
- Hong Kong – 43%
- China Mainland – 12%
- Japan – 2%
- APAC ex-Hong Kong, China & Japan – 7%
- North America -18%
- Europe – 13%
- Others – 5%
Assets under Trust AUM by Client Type:
- Public funds – 30%
- Pension funds (including MPF & ORSO) – 44%
- Others – 26%
Others ~ Governments, sovereign wealth funds, central banks, family offices and private trusts, charities, and other corporates)
7) Asset & Wealth Management – China Mainland-Related LCs & RIs
China Mainland Asset & Wealth Management AUM (Related LCs & RIs):
- AUM – $394 billion (+15% YoY Increase)
- Net inflow – $32 billion
- No. of China Mainland related LCs and RIs – 148
- Headcount – 4,095
Asset & Wealth Management AUM:
- 2019 – $228 billion
- 2020 – $315 billion
- 2021 – $323 billion
- 2022 – $328 billion
- 2023 – $343 billion
- 2024 – $394 billion
8) Hong Kong RMB
Hong Kong RMB Center:
- 2025 April Deposits – $143 billion (RMB 1.03 trillion)
- Offshore RMB Clearing market share – 80% of global RMB payments
- Offshore RMB debt securities new issues in Hong Kong in 2024 – $149 billion (RMB 1.07 trillion)
Hong Kong RMB Deposits (RMB):
- 2022 – RMB 836 billion
- 2023 – RMB 939 billion
- 2024 – RMB 927 billion
- 2025 April – RMB 1.03 trillion
RMB Financing Activities in Hong Kong:
- Outstanding RMB bonds – RMB 1.26 trillion
- Outstanding RMB loans – RMB 724 billion
RMB ~ RMB (Renminbi) is the official currency of the People’s Republic of China. CNY is a unit of the currency (ISO code: CNY; abbreviation: RMB). CNY is traded in Mainland China & CNH is traded outside Mainland China.
9) Mutual Recognition of Funds (MRF) – China Mainland & Hong Kong
Hong Kong MRF Funds:
- No. of funds – 40
- China Mainland investors AUM – $21.1 billion
China Mainland MRF Funds:
- No. of funds – 43
- Hong Kong investors AUM – $97 million
Hong Kong SFC Asset & Wealth Management Survey 2024
The Asset and Wealth Management Activities Survey (AWMAS) is conducted annually by the Securities and Futures Commission (SFC) to collect information and data on the asset and wealth management industry in Hong Kong. It helps the SFC plan its policies and operations. The AWMAS analyses the asset and wealth management industry from the perspectives of both firms (ie, LCs, RIs, ICs and trustees) and clients (ie, clients of private banking and private wealth management businesses whose assets or relationships are managed out of Hong Kong by LCs and RIs). As in previous years, survey questionnaires were sent to licensed corporations and, with the assistance of the HKMA, the Insurance Authority and the Hong Kong Trustees’ Association, to registered institutions, insurance companies and trustees to enquire about their asset and wealth management activities as of 31 December 2024. A total of 1,237 firms (2023: 1,192) reported that they conducted asset management, fund advisory, private banking and private wealth management business or trust services during the survey period. These included 1,123 licensed corporations (2023: 1,080), 49 registered institutions (2023: 48), 40 insurance companies (2023: 38) and 25 trustees (2023: 26).
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