HSBC Predicts Hong Kong to Become the World’s Largest Offshore Wealth Hub by 2028

HSBC Holdings CEO Georges Elhedery stated at the Global Financial Leaders’ Investment Summit that China’s wealth growth is among the fastest globally, driving Hong Kong’s rise as a vital offshore wealth hub. He projected that by 2028, Hong Kong would surpass Switzerland as the world’s largest offshore center, managing $3.2 trillion in assets compared to Switzerland’s $3.1 trillion. Elhedery also emphasized that China’s per capita GDP has grown 50-fold over the past 40 years, from $250 to $12,500. Elhedery added that the “China+1” strategy has expanded across multiple regions in Asia in recent years. By 2030, intra-Asia trade flows are expected to increase by 65%, surpassing many trans-Pacific trade flows and presenting enormous potential for Asian internal market development. Elhedery highlighted the remarkable growth in trade between China and ASEAN as a key trend.