Hong Kong continues to offer a dynamic environment for wealth management and stock market investments, despite ongoing challenges and an uncertain economic outlook in China. At a high-level conference of the APEC Business Advisory Council (ABAC) held in Hong Kong, prominent business leaders emphasized the city’s enduring strengths and the vast opportunities it presents.
Amy Lo Choi-wan, Chairman of Global Wealth Management Asia at UBS, highlighted the immense wealth creation in China as a pivotal factor for wealth managers in Hong Kong. Lo shared that UBS is strategically relocating its office to West Kowloon to capitalize on the Greater Bay Area’s potential, leveraging its proximity to the high-speed train station. This move positions UBS to access a population of 2 million, a GDP of US$2 trillion, and a quarter of China’s high-net-worth population within a one-hour reach.
Projections indicate that the number of ultra-high-net-worth individuals (UNHWIs) in mainland China is set to surge by 47% by 2028, even amidst a global slowdown in wealth growth. Moreover, China’s high-net-worth population is skewing younger, with the proportion of UNHWIs under 40 rising from 29% in 2019 to 49% in 2023.
Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority, emphasized Hong Kong’s robust financial ecosystem, free flow of capital, and irreplaceable role as a gateway to China. He highlighted the government’s unwavering commitment to green transition, technology, and innovation to foster economic diversification.
Mary Huen Wai-yi, CEO of Standard Chartered Hong Kong and one of three ABAC representatives from the city, underscored Hong Kong’s pivotal role as a bridge between China and the world. As the world’s largest offshore yuan center, Hong Kong handles approximately 80% of international yuan payment transactions.
Bonnie Chan Yiting, CEO of bourse operator Hong Kong Exchanges and Clearing, acknowledged the challenges posed by geopolitical tensions and macroeconomic conditions, which have impacted new listings. However, she expressed confidence in Hong Kong’s continued leadership in global capital resilience.
In conclusion, Hong Kong’s formidable financial infrastructure, coupled with its strategic position as a gateway to China and its focus on economic diversification, solidifies its standing as a hub for wealth management and stock market opportunities. Despite prevailing economic challenges, business leaders remain optimistic about the city’s long-term growth potential.
