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Eddie Yue Expects HK to Become World's Largest Wealth Mgmt Center in Coming Yrs
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Hong Kong's asset and wealth management market experienced robust growth in 2024, Eddie Yue, the Chief Executive of the Hong Kong Monetary Authority (HKMA), issued an inSight article today (4th) saying. Total assets under management (AUM) in Hong Kong grew by 13% YoY, reaching $35 trillion by the end of 2024, according to the latest Asset and Wealth Management Activities Survey released by the Securities and Futures Commission (SFC). The private banking and private wealth management sector's performance was particularly stellar, with AUM increasing by 15% YoY and net fund inflows totalling $384 billion. This trend reflects the strong demand for Hong Kong's wealth management services from high-net-worth individuals (HNWIs). Hong Kong is forecasted to become the world's largest wealth management centre in the coming years. In this regard, the HKMA will continue to work closely with the government, industry, and the international community to drive policy innovation and market enhancements, further strengthening Hong Kong's competitiveness and solidifying its position as an international hub for wealth management and asset allocation. AASTOCKS Financial News Website: www.aastocks.com |
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