Global money flows are turning back to Hong Kong. Funds from global super rich investors, who are readjusting where they park their money due to geopolitical risks in the Middle East and tighter regulations in Singapore, are returning to Hong Kong. Competition among global banks to secure talent to capture the $1 trillion asset management market is also heating up.
Bloomberg reported on the 24th (local time) that Hong Kong's asset management market has fully moved past the talent outflow phase of the COVID-19 pandemic and entered a clear recovery this year. That is because risks in the Middle East have grown, and Singapore has also significantly tightened regulations after a major money-laundering case, increasing the burden on investors.
As money floods into Hong Kong, banks are opening their wallets. UBS, Asia's largest private bank (PB), is said to be planning to hire about 50 private bankers in Hong Kong alone this year. BNP Paribas also plans to increase its Greater China headcount by up to 20%, while Singapore's DBS and China Construction Bank have likewise embarked on large-scale hiring.
A rapid surge in demand is worsening a talent shortage. According to Bloomberg, the headhunting industry expects demand for asset management personnel in Hong Kong this year to outstrip supply by more than 20%. Some veteran bankers are reportedly being offered eye-catching pay hikes of up to 25% to switch jobs.
The key driver of Hong Kong's revival is the "young wealth" of mainland China. According to UBS, the assets of mainland billionaires jumped 22% year over year to $1.77 trillion (about 2,651 trillion won) last year, powered by growth in technology industries such as artificial intelligence (AI). Bloomberg said, "The recent surge of Chinese AI companies such as DeepSeek has created a large new class of asset holders."
To capture these clients, banks are also changing hiring criteria. In the past, they emphasized language skills alone; now, talent deeply embedded in the mainland—fluent in local business customs and dialects—is in demand. In fact, Bloomberg said the share of mainland hires among BNP Paribas's new Greater China employees has soared from 50% four years ago to 80% today.
Hong Kong's frozen capital market is also stretching again. There are already about 300 corporations that have completed listing applications. Accounting firm PwC projected that about half of them will list in 2026 and raise up to HK$350 billion (about 67 trillion won). Amy Lo, UBS Asia head of asset management, said, "A strong initial public offering (IPO) market will be a powerful engine driving new inflows." The local financial sector expects the share of Chinese capital within Hong Kong's offshore assets to expand to 63% within the next five years.