Hong Kong assets under management reach HK$42.2 trillion: what does the record mean?

Distinguish the two figures

The SFC’s Asset and Wealth Management Activities Survey 2025 reported a 20% year-on-year increase in assets under management to HK$42.2 trillion, surpassing the previous peak of HK$35.5 trillion in 2021. Net inflows rose 193% to HK$2.1 trillion in 2025, increasing for the third consecutive year.

These figures mean different things. Assets under management measure the year-end assets managed by surveyed institutions and are affected by new money, redemptions, market movements, exchange rates and business changes. Net inflows measure inflows less outflows over the year.

HK$42.2 trillion is therefore the total scale, not cash received that year. Nor is all of the 20% growth attributable to new clients or funds: some may reflect higher market prices.

Which businesses are growing

Assets under management in asset management and fund advisory activities rose 19% to HK$31 trillion; those in private banking and private wealth management rose 24% to HK$12.9 trillion.

These two figures should not simply be added and compared with HK$42.2 trillion. The SFC reports different business activities, whose categories may have different measurement scopes; each column cannot be treated as a separate, non-overlapping asset pool.

The net asset value of Hong Kong-domiciled SFC-authorised funds increased 38% to HK$2.3 trillion at the end of 2025, and reached HK$2.6 trillion at the end of May 2026. These funds recorded net inflows of HK$357 billion in 2025 and a further HK$118 billion in the first five months of 2026.

Hong Kong remains a cross-border allocation platform

The SFC stated that investors outside mainland China and Hong Kong had contributed more than 54% of Hong Kong’s assets under management in recent years. In 2025, Hong Kong asset managers invested 56% of managed assets outside mainland China and Hong Kong. The share of non-equity investments also rose by seven percentage points over five years to 58%.

These figures suggest that Hong Kong connects investors, products and markets across regions rather than only managing local money. But international money is not necessarily long-term money, and asset growth does not mean that risk has fallen in every portfolio.

For families, a record does not replace due diligence

A larger market generally means more choice among funds, banks and professional service providers. When choosing an asset manager, private bank, trustee or administrator, families should still verify licences, custody, fees, conflicts of interest, exit arrangements and whether data is transferred to other jurisdictions.

The survey also has scope limitations. It covered 1,316 firms in 2025. It excludes certain single-family offices managing family wealth without requiring a licence, sovereign wealth funds, endowments and direct investments of the Hong Kong SAR Government. HK$42.2 trillion is therefore a result of this industry survey, not a total of all private wealth in Hong Kong.

Questions G70 would examine further

Which clients, regions and products account for new money? How much asset growth reflects market valuations and how much represents sustainable inflows? When assets sit across banks, funds, trusts and jurisdictions, are responsibility, liquidity and data management still clear?

HK$42.2 trillion indicates the capacity of Hong Kong’s market; it cannot replace each family’s review of the institutions, products and arrangements themselves.

Important information

This article is for general information and educational purposes only and does not constitute investment, legal or tax advice. Survey figures describe the industry in aggregate and cannot be used to infer the performance of an individual institution, product or portfolio.