Hong Kong Private Wealth Management Report 2025: $1.3 Trillion AUM, Top 5 Hong Kong Origin of AUM are Mainland China 57%, Southeast Asia 12%, America 10%, Europe 4%, Japan 4%, Top 7 Impact on Hong Kong Private Wealth Management Industry are Global Trade Wars & Tariffs, Chinese Economy, Acceleration of AI & Digital Transformation, Global Conflicts, Regulatory Scrutiny, Surging Demand In Private Assets, Inflation & Interest Rate Volatility, Top 6 Investment Themes are – Artificial Intelligence / Machine Learning, Alternative Assets, Virtual assets, Commodities, Biotechnology / Healthcare Innovation, ESG / Sustainable investing / Clean Tech
14th November | Hong Kong
The Hong Kong Private Wealth Management Association (PWMA) & KPMG China have released the Hong Kong Private Wealth Management Report 2025, providing key insights into Hong Kong private wealth management industry. Private Banking & Wealth Management AUM in 2024 – $1.33 trillion (HKD 10.4 trillion). Top 7 Impact on Hong Kong Private Wealth Management Industry – Global trade wars & tariffs, Concerns about the Chinese economy, Acceleration of AI & digital transformation, Global conflicts, Regulatory scrutiny, Surging demand in private assets, Inflation & interest rate volatility. Top 6 Concerns on Hong Kong Private Wealth Management Industry – Geopolitical instability, Macroeconomic environment & market volatility, Regulatory environment & compliance measures, Financial risk (credit, market, liquidity, capital), Technological disruption & AI innovation, Cybersecurity, Talent attraction & retention. Booking Centres demand for Hong Kong – Increased 59%. Booking Centres demand for Singapore – Increased 30%. Preference for Hong Kong over other Wealth Management Centres – Agree 44% / Neutral 38% / Disagree 18%. Top 5 Hong Kong Origin of AUM in 2024 – Mainland China 57%, Southeast Asia 12%, America 10%, Europe 4%, Japan 4%. Sentiments on Hong Kong Private Wealth Management Market in next 5 years – Optimistic 100%. Top 8 Opportunities to grow Hong Kong Wealth Management Market – Capitalise on the expanding wealth in Chinese Mainland, Develop Hong Kong as a hub for family offices / super-connector, Targeting the 2nd / 3rd generation, Targeting young entrepreneurs, Explore new markets such as Southeast Asia & Middle East, Invest in technology & services for Virtual Asset trading / custody, Targeting less wealthy customer segments through digital channels, Attracting more IPO fund raising activities in Hong Kong. Top 4 Challenges of Greater Bay Asia (GBA) Cross-Boundary Wealth Management Connect – Barriers to cross-boundary services, Restrictions on types of Southbound products available for investment by China Mainland clients, Individual investment limits are inadequate (Quota RMB 3 Million per individual investor), Limited geographical coverage (9 cities in GBA). Current Private Wealth Management industry practices meeting Next Generation expectations – 42% Agree. Firms Top 5 approach to Grow $5 million to $10 million segment – Enhanced Client Service Model, Digital Innovation, Competitive Pricing & Product Offerings, Strategic Partnerships, Targeted Marketing & Outreach Campaigns. Top 6 Investment Themes – Artificial Intelligence / Machine Learning, Alternative Assets, Virtual assets, Commodities, Biotechnology / Healthcare Innovation, ESG / Sustainable investing / Clean Tech. Client Alternative Asset Allocation > 10% of Portfolio – 33%. Firms currently invested in ESG > 10% of AUM – 21%. Private Wealth Strategic Partnerships with Asset Managers / Fund Houses – 53% with more than 4 partnerships. Hong Kong Asset Management Industry provides sufficient products for client needs – 50% Agree. Top 7 Preferred Asset Class Partnership – Alternatives, Multi-Asset, Fixed Income, Equities, Virtual Assets / Crypto, RMB-Denominated Assets, Sustainable / ESG Investing. Top 7 Preferred Alternative Investment Partnership – Private Equity, Hedge Funds, Commodities, Infrastructure, Private Debt, Real Estate, Natural Resources. Top 7 Criteria for selecting Asset Manager / Fund House Partner – Proven track record of investment performance, Alignment of investment philosophy with client needs, Robust risk management framework & controls / strong compliance track record. Client interest in cryptocurrencies – 76%. Firms virtual assets AUM > 10% – 15%. Top 4 Firm concerns on integrating virtual assets into existing wealth management offerings – Regulatory constraints, Regulatory uncertainty, Volatility of Virtual Assets prices, Security risks (e.g. hacking / fraud). Top 4 Perceived Competitors to Private Wealth Management firms – Independent Financial Advisers (IFAs) / External Asset Managers, Robo-advisers & Fintech, Big Tech expanding into financial services, Insurance Companies offering wealth management services. Online Brokerage Wealth Management Client AUM in 2025 – $17.9 billion. Top 3 Most challenging for client onboarding – Verifying source of wealth, Documentation delays, Complex onboarding documentation requirements. See below for key findings & summary | View report here
“ Hong Kong Private Wealth Management Report 2025: $1.3 Trillion AUM, Top 5 Hong Kong Origin of AUM are Mainland China 57%, Southeast Asia 12%, America 10%, Europe 4%, Japan 4%, Top 7 Impact on Hong Kong Private Wealth Management Industry are Global Trade Wars & Tariffs, Chinese Economy, Acceleration of AI & Digital Transformation, Global Conflicts, Regulatory Scrutiny, Surging Demand In Private Assets, Inflation & Interest Rate Volatility, Top 6 Investment Themes are – Artificial Intelligence / Machine Learning, Alternative Assets, Virtual assets, Commodities, Biotechnology / Healthcare Innovation, ESG / Sustainable investing / Clean Tech “
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Hong Kong Private Wealth Management Report 2025: $1.3 Trillion AUM, Top 5 Hong Kong Origin of AUM are Mainland China 57%, Southeast Asia 12%, America 10%, Europe 4%, Japan 4%, Top 7 Impact on Hong Kong Private Wealth Management Industry are Global Trade Wars & Tariffs, Chinese Economy, Acceleration of AI & Digital Transformation, Global Conflicts, Regulatory Scrutiny, Surging Demand In Private Assets, Inflation & Interest Rate Volatility, Top 6 Investment Themes are – Artificial Intelligence / Machine Learning, Alternative Assets, Virtual assets, Commodities, Biotechnology / Healthcare Innovation, ESG / Sustainable investing / Clean Tech
The Hong Kong Private Wealth Management Association (PWMA) & KPMG China have released the Hong Kong Private Wealth Management Report 2025, providing key insights into Hong Kong private wealth management industry. See below for key findings & summary | View report here
Hong Kong Private Wealth Management Report 2025
Summary
- Private Banking & Wealth Management AUM in 2024 – $1.33 trillion (HKD 10.4 trillion)
- Top 7 Impact on Hong Kong Private Wealth Management Industry – Global trade wars & tariffs, Concerns about the Chinese economy, Acceleration of AI & digital transformation, Global conflicts, Regulatory scrutiny, Surging demand in private assets, Inflation & interest rate volatility
- Top 6 Concerns on Hong Kong Private Wealth Management Industry – Geopolitical instability, Macroeconomic environment & market volatility, Regulatory environment & compliance measures, Financial risk (credit, market, liquidity, capital), Technological disruption & AI innovation, Cybersecurity, Talent attraction & retention
- Booking Centres demand for Hong Kong – Increased 59%
- Booking Centres demand for Singapore – Increased 30%
- Preference for Hong Kong over other Wealth Management Centres – Agree 44% / Neutral 38% / Disagree 18%
- Top 5 Hong Kong Origin of AUM in 2024 – Mainland China 57%, Southeast Asia 12%, America 10%, Europe 4%, Japan 4%
- Sentiments on Hong Kong Private Wealth Management Market in next 5 years – Optimistic 100%
- Top 8 Opportunities to grow Hong Kong Wealth Management Market – Capitalise on the expanding wealth in Chinese Mainland, Develop Hong Kong as a hub for family offices / super-connector, Targeting the 2nd / 3rd generation, Targeting young entrepreneurs, Explore new markets such as Southeast Asia & Middle East, Invest in technology & services for Virtual Asset trading / custody, Targeting less wealthy customer segments through digital channels, Attracting more IPO fund raising activities in Hong Kong
- Top 4 Challenges of Greater Bay Asia (GBA) Cross-Boundary Wealth Management Connect – Barriers to cross-boundary services, Restrictions on types of Southbound products available for investment by China Mainland clients, Individual investment limits are inadequate (Quota RMB 3 Million per individual investor), Limited geographical coverage (9 cities in GBA)
- Current Private Wealth Management industry practices meeting Next Generation expectations – 42% Agree
- Firms Top 5 approach to Grow $5 million to $10 million segment – Enhanced Client Service Model, Digital Innovation, Competitive Pricing &Product Offerings, Strategic Partnerships, Targeted Marketing & Outreach Campaigns
- Top 6 Investment Themes – Artificial Intelligence / Machine Learning, Alternative Assets, Virtual assets, Commodities, Biotechnology / Healthcare Innovation, ESG / Sustainable investing / Clean Tech
- Client Alternative Asset Allocation > 10% of Portfolio – 33%
- Firms currently invested in ESG > 10% of AUM – 21%
- Private Wealth Strategic Partnerships with Asset Managers / Fund Houses – 53% with more than 4 partnerships
- Hong Kong Asset Management Industry provides sufficient products for client needs – 50% Agree
- Top 7 Preferred Asset Class Partnership – Alternatives, Multi-Asset, Fixed Income, Equities, Virtual Assets / Crypto, RMB-Denominated Assets, Sustainable / ESG Investing
- Top 7 Preferred Alternative Investment Partnership – Private Equity, Hedge Funds, Commodities, Infrastructure, Private Debt, Real Estate, Natural Resources
- Top 7 Criteria for selecting Asset Manager / Fund House Partner – Proven track record of investment performance, Alignment of investment philosophy with client needs, Robust risk management framework & controls / strong compliance track record
- Client interest in cryptocurrencies – 76%
- Firms virtual assets AUM > 10% – 15%
- Top 4 Firm concerns on integrating virtual assets into existing wealth management offerings – Regulatory constraints, Regulatory uncertainty, Volatility of Virtual Assets prices, Security risks (e.g. hacking / fraud)
- Top 4 Perceived Competitors to Private Wealth Management firms – Independent Financial Advisers (IFAs) / External Asset Managers, Robo-advisers & Fintech, Big Tech expanding into financial services, Insurance Companies offering wealth management services
- Online Brokerage Wealth Management Client AUM in 2025 – $17.9 billion
- Top 3 Most challenging for client onboarding – Verifying source of wealth, Documentation delays, Complex onboarding documentation requirements
Hong Kong Private Wealth Management Report 2025
1) Hong Kong Private Wealth Management Industry
Hong Kong Private Banking & Wealth Management AUM Overview:
- AUM in 2024 – $1.33 trillion (HKD 10.4 trillion)
- 2024 vs 2023 AUM Change – Increased by +15.3% from $1.15 trillion (HKD 1.15 trillion)
AUM Overview (USD)
- 2016 – $796 billion
- 2017 – $1 trillion
- 2018 – $976 billion
- 2019 – $1.16 trillion
- 2020 – $1.45 trillion
- 2021 – $1.36 trillion
- 2022 – $1.15 trillion
- 2023 – $1.15 trillion
- 2024 – $1.33 trillion
AUM Overview (HKD):
- 2016 – HKD 6.2 trillion
- 2017 – HKD 7.8 trillion
- 2018 – HKD 7.6 trillion
- 2019 – HKD 9.1 trillion
- 2020 – HKD 11.3 trillion
- 2021 – HKD 10.6 trillion
- 2022 – HKD 8.96 trillion
- 2023 – HKD 9.02 trillion
- 2024 – HKD 10.4 trillion
Top 7 Impact on Hong Kong Private Wealth Management Industry:
- Global trade wars & tariffs
- Concerns about the Chinese economy
- Acceleration of AI & digital transformation
- Global conflicts
- Regulatory scrutiny
- Surging demand in private assets
- Inflation & interest rate volatility
Top 7 Concerns on Hong Kong Private Wealth Management Industry:
- Geopolitical instability
- Macroeconomic environment & market volatility
- Regulatory environment & compliance measures
- Financial risk (credit, market, liquidity, capital)
- Technological disruption & AI innovation
- Cybersecurity
- Talent attraction & retention
2) Booking Centres
Booking Centres – Demand of new accounts to be opened / client assets to be held in Hong Kong:
- Increased – 59%
- The same – 35%
- Reduced – 6%
Singapore:
- Increased – 30%
- The same – 24%
- Reduced – 46%
Others (Dubai, New York, London, Zurich etc):
- Increased – 24%
- The same – 73%
- Reduced – 3%
Preference for Hong Kong over other Wealth Management Centres
- Strongly agree – 15%
- Somewhat agree – 29%
- Neutral – 38%
- Disagree – 15%
- Strongly disagree – 3%
3) Hong Kong AUM Origin (Offshore Wealth)
Origin of AUM in 2024:
- Mainland China – 57%
- Southeast Asia – 12%
- Americas – 10%
- Europe – 4%
- Japan – 4%
- India – 2%
- Middle East – 1%
- South Korea – 1%
- Others – 9%
Origin of AUM Expected in next 5 years:
- Mainland China – 63%
- Southeast Asia – 10%
- Americas – 8%
- Europe – 4%
- Japan – 3%
- Middle East – 2%
- India – 2%
- South Korea – 0%
- Others – 8%
4) Hong Kong Wealth Management Market Growth Outlook
Sentiments on Hong Kong Private Wealth Management Market in next 5 years:
- Highly optimistic – 30%
- Moderately optimistic – 70%
- Neutral – 0%
- Somewhat pessimistic – 0%
Top 8 Opportunities to Grow Hong Kong Wealth Management Market:
- Capitalise on the expanding wealth in Chinese Mainland
- Develop Hong Kong as a hub for family offices / super-connector
- Targeting the 2nd / 3rd generation
- Targeting young entrepreneurs
- Explore new markets such as Southeast Asia & Middle East
- Invest in technology & services for Virtual Asset trading / custody
- Targeting less wealthy customer segments through digital channels
- Attracting more IPO fund raising activities in Hong Kong
Top 4 Challenges of Greater Bay Asia (GBA) Cross-Boundary Wealth Management Connect:
- Barriers to cross-boundary services
- Restrictions on types of Southbound products available for investment by China Mainland clients
- Individual investment limits are inadequate (Quota RMB 3 Million per individual investor)
- Limited geographical coverage (9 cities in GBA)
Current Private Wealth Management industry practices meeting Next Generation expectations:
- Strongly agree – 10%
- Somewhat agree – 32%
- Neutral – 32%
- Disagree – 26%
- Strongly disagree – 0%
Firms approach to Grow $5 million to $10 million segment:
- Enhanced Client Service Model – 29%
- Digital Innovation – 23%
- Competitive Pricing & Product Offerings – 19%
- Strategic Partnerships – 15%
- Targeted Marketing & Outreach Campaigns – 14%
5) Clients / Investors Outlook
Top 6 Investment Themes:
- Artificial Intelligence / Machine Learning
- Alternative Assets
- Virtual assets
- Commodities
- Biotechnology / Healthcare Innovation
- ESG / Sustainable investing / Clean Tech
Client Alternative Asset Allocation:
- 0 to 5% of Portfolio – 44%
- 6% to 10% of Portfolio – 23%
- 11% to 15% of Portfolio – 21%
- 16% to 20% of Portfolio – 6%
- 21% to 25% of Portfolio – 3%
- More than 26% of Portfolio – 3%
Firms AUM currently invested in ESG:
- Less than 10% of AUM – 79%
- 11% to 20% – 3%
- 21% to 30% – 6%
- More than 30% of AUM – 12%
6) Asset Managers / Funds Insights
Private Wealth Strategic Partnerships with Asset Managers / Fund Houses:
- 0 to 3 Partnerships – 47%
- 4 to 6 Partnerships – 6%
- 7 to 9 Partnerships – 15%
- More than 10 Partnerships – 32%
Hong Kong Asset Management Industry provides sufficient products for client needs:
- Strongly agree – 12%
- Somewhat agree – 38%
- Neutral – 47%
- Disagree – 3%
- Strongly disagree – 0%
Top 7 Preferred Asset Class Partnership:
- Alternatives
- Multi-Asset
- Fixed Income
- Equities
- Virtual Assets / Crypto
- RMB-Denominated Assets
- Sustainable / ESG Investing
Top 7 Preferred Alternative Investment Partnership:
- Private Equity
- Hedge Funds
- Commodities
- Infrastructure
- Private Debt
- Real Estate
- Natural Resources
- Others (Collectibles / Tangible Assets etc.)
Top 7 Criteria for selecting Asset Manager / Fund House Partner:
- Proven track record of investment performance
- Alignment of investment philosophy with client needs
- Robust risk management framework & controls / strong compliance track record
- Competitive fees & cost structure
- High-quality client service resources
- Technological capabilities & data integration
- Innovative product set
7) Virtual Assets, Digital Assets, Cryptocurrencies
Client interest in cryptocurrencies
- Strongly agree – 23%
- Somewhat agree – 53%
- Neutral – 18%
- Disagree – 6%
- Strongly disagree – 0%
Client interest levels in virtual asset investment allocations:
- 0 to 25% allocation – 94%
- 25% to 50% allocation – 6%
- More than 50% allocation – 0%
Firms AUM in virtual assets:
- Less than 5% AUM – 85%
- 5% to 10% AUM – 6%
- 11% to 20% – 9%
Firm on Digital Assets:
- Currently developing Virtual Assets trading platform, product range and / or custody services for clients – 16%
- Planning to invest in Virtual Assets trading platform, product range and / or custody services for clients in the next 2 – 3 years – 36%
- Adopting a wait-and-see approach (no immediate plans) – 48%
Timeline for launching virtual asset products to their clients:
- Within 6 months – 27%
- 6 – 12 months – 15%
- 13 – 18 months – 9%
- 18+ months – 18%
- No plans – 31%
Firm concerns on integrating virtual assets into existing wealth management offerings:
- Regulatory constraints
- Regulatory uncertainty
- Volatility of Virtual Assets prices
- Security risks (e.g. hacking / fraud)
- Client education & understanding
- Lack of suitable technology / infrastructure
- Reputational risk
- Compliance costs
8) Private Wealth Management Firms Insights
Top 4 Perceived Competitors to Private Wealth Management firms:
- Independent Financial Advisers (IFAs) / External Asset Managers
- Robo-advisers & Fintech
- Big Tech expanding into financial services
- Insurance Companies offering wealth management services
Online Brokerage Wealth Management Client AUM:
- 2023 – $4.7 billion
- 2024 – $8.2 billion
- 2025 – $17.9 billion
Top 6 Most challenging for client onboarding:
- Verifying source of wealth
- Documentation delays
- Complex onboarding documentation requirements
- Manual processes / lack of technology / digital tools embedded in processes
- Changing / evolving regulatory standards
- Processing times
Hong Kong regulatory requirements conducive for business:
- Strongly agree – 15%
- Agree – 47%
- Neutral – 26%
- Disagree – 9%
- Strongly disagree – 3%
Top Available Investment booking in digital execution:
- Equity – 59%
- FX – 44%
- Deposits – 44%
- Structured Products – 24%
- Fixed Income – 18%
- Alternative Investments – 9%
Top Available Customers feature:
- Portfolio statements view & interaction – 76%
- Electronic mailbox for client correspondence – 50%
- Educational material – 47%
- Access to global research – 44%
- Compliant communication through third party channels – 29%
- Proactive alerts in relation to market events – 24%
- Personalisation of the customer account – 21%
- Account opening, digital KYC & suitability check capabilities – 21%
- Financial goal advice planning – 21%
- Portfolio construction, rebalancing & financial planning simulation tools – 12%
- Portfolio consolidation across other banks – 6%
Artificial Intelligence Progress:
- Significant – 9%
- Moderate – 47%
- Limited – 26%
- No Significant Progress – 18%
Customer journey most impacted by AI in next 3 to 5 years:
- Product recommendation & portfolio construction
- Account opening & onboarding
- Risk profiling & suitability assessment
- Performance reporting & client communication
- Financial needs assessment & goal setting
- Prospect identification &targeting
- Initial client outreach & engagement
- Portfolio management & rebalancing
- Ongoing financial planning & advice
Hong Kong Private Wealth Management Report 2025
Welcome to the tenth annual Hong Kong Private Wealth Management report, jointly authored by the Private Wealth Management Association (PWMA) and KPMG China. The report provides an in-depth view of the industry landscape, key challenges and emerging growth opportunities. This year we also look ahead to 2030 and consider the key opportunities for Hong Kong to further consolidate its position as a leading hub for international clients. The findings are based on a survey of PWMA member institutions, supplemented by interviews with senior industry executives in Hong Kong. The surveys and interviews were conducted between June and August 2025, with around 80% of the Association’s Private Wealth Management (PWM) Institution members responding. This year we also sought feedback from 9 of the Association’s PWM ecosystem members in the business of asset management, as well as 5 nonmember firms involved in digital assets or exchanges.
PWMA – Established in 2013, PWMA is an industry association whose mission is to foster the growth and development of Hong Kong’s private wealth management (PWM) industry and support the city’s journey to becoming a leading global wealth management hub. Starting from a handful of traditional private banks as members, PWMA has expanded to over 60 members, comprising of traditional wealth management firms and a diverse range of ecosystem partners including professional and consulting firms, asset managers, information and technology companies and other service providers.
KPMG – KPMG in China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership. KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organisation or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
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