According to the Swiss "New Zurich Zeitung" reported on the 28th, Boston Consulting Group (BCG) in its latest released "Global Wealth Report" concluded that by 2027, Hong Kong is expected to surpass Switzerland to become the world's largest offshore financial center.

According to the report, Swiss financial centers such as Zurich, Geneva and Lugano managed about $2.4 trillion in offshore assets in 2022, ranking first among global offshore financial centers. Hong Kong followed with $2.2 trillion, and Singapore came in third with $1.5 trillion. "Traditionally, global tensions have caused people to turn to areas considered 'safe havens,'" said Michel Kaliqi, a principal at BCG Zurich and one of the study's authors. Switzerland has been hit by following the West's sanctions against Russia, while Hong Kong, Singapore and Dubai have not been affected by the sanctions.

In the longer term, Switzerland's position as an offshore financial centre will continue to be caught up, as it has been over the past decade, by Hong Kong and Singapore, Asia's two leading financial centres. Wealth is set to grow much faster in Asia than in the west, with Switzerland's past advantages diminished by the ease of dealing with bankers in the same time zone.

BCG predicts that Switzerland's cross-border wealth will grow at a rate of 3% a year through 2027, similar to total wealth growth in Western Europe. Hong Kong (7.6%) and Singapore (9%) have a more positive outlook for cross-border business growth. Previously, the agency even thought that Hong Kong could overtake Switzerland by 2024.

The faster China's economy develops, the more Hong Kong will benefit as a global financial centre, and Singapore will also benefit from customers in the mainland and Hong Kong. BCG predicts that by 2027, Hong Kong will be the only financial centre to manage more than US $3 trillion in offshore assets, ranking first, with Switzerland and Singapore second and third respectively.