Just a few years ago, the global wealth management landscape seemed relatively static. Switzerland dominated cross-border assets. Luxembourg was consolidating its position as a stable international hub. Singapore was gradually gaining ground. Then geopolitical tensions, equity markets, Asia and now artificial intelligence began to reshuffle the deck much more rapidly than anticipated.

In its “Global Wealth Report 2026”, the Boston Consulting Group (BCG) now refers to a “great reordering” – a major global realignment of financial wealth. And behind the figures, the message to the major financial centres is stark: capital flows are becoming more concentrated, hubs are becoming polarised, and those who fail to adapt risk being left behind.

Global financial wealth grew by 10.7% in 2025 to reach $333trn, its strongest growth since 2021. When real assets are included, global net wealth even reaches $550trn. BCG points out that this rise has occurred, however, “against a backdrop of trade wars, tariff disputes and escalating geopolitical tensions”. Gold surged by around 44%, driven by central bank purchases and concerns over the stability of reserve currencies.

The top 10 account for 90% of new traffic

But the key finding of the report is not the overall increase. It is the concentration. “The top ten booking centres accounted for nearly 90% of new cross-border flows,” writes BCG. These ten centres now hold more than 80% of global cross-border assets.

And for the first time, Hong Kong has overtaken Switzerland as the world’s leading centre for cross-border wealth. Both centres are projected to hold around $2.9trn in cross-border assets by 2025, but the momentum is no longer the same. Hong Kong has benefited from inflows from mainland China and the strength of Asian technology markets. “Over 60% of assets under management come from mainland China,” notes BCG. The consultancy estimates that Hong Kong’s growth is set to remain at around 9% per year until 2030.

Switzerland, for its part, continues to be buoyed by its historic role as a safe haven. “Geopolitical uncertainties reinforce Switzerland’s role as a global financial hub,” writes the consultancy. However, its growth appears to be more moderate, at around 6% per year.

In this restructuring, Luxembourg retains a prominent position. BCG ranks it as the world’s eighth-largest cross-border banking centre, with approximately $600bn in cross-border assets by 2025 and expected annual growth of 6% until 2030.

The centre of gravity shifting towards Asia

However, the report also reveals a gradual shift in the global centre of gravity towards Asia and emerging markets. BCG now identifies two major networks of financial hubs. The first is centred on Hong Kong and Singapore and primarily serves capital from China, India and South-East Asia. The second is based in Switzerland, the United States and the United Kingdom, and is more focused on European, Middle Eastern and Latin American wealth. “Centres capable of navigating credibly between the two clusters will benefit from a structural advantage,” the report states.

This statement is particularly relevant to Luxembourg, whose entire value proposition has historically been based on its ability to serve international investors from a wide range of jurisdictions within a stable regulatory and political environment.

But competition is no longer solely about stability. Singapore is now attracting Asian family offices in droves thanks to its technological, regulatory and tax ecosystem. The firm states that the city-state is already home to more than 2,000 single-family offices and over 100 independent wealth managers.

The self-employed are gaining ground

The report also highlights the rise of Independent Wealth Managers (IWMs), who are attracting high-net-worth clients thanks to an open architecture, greater personalisation and lower entry thresholds than those of large private banks. “A client with $10m may be a small client at a major bank, but a key relationship for an independent firm,” notes the report. According to BCG, these players now account for around a quarter of HNW assets in the US and are growing rapidly in hubs such as Singapore, Dubai and India.

The firm also sees a massive wave of newly wealthy individuals emerging in emerging markets. By 2030, these countries are expected to add around $12trn in additional financial wealth. India alone is expected to add more than $2trn in additional wealth, ahead of Brazil and Mexico.

The segment considered most strategic is that of clients with investable assets of between $250,000 and $5m. “This segment is large, growing rapidly and structurally underserved,” the report states.

Finally, artificial intelligence is described in the report as the industry’s next structural disruption. “The AI-first wealth manager will expand capabilities across the entire value chain and transform the advisory business without removing its human core,” states BCG. The firm believes that AI is already capable of automating a significant portion of financial planning, reporting, KYC, compliance and even customer service. Certain functions could gain up to 55% in additional operational capacity thanks to AI agents. “The era of pilot schemes is over,” the report even states.