Global Chinese Wealth Boom Transforms Asia’s Financial Scene, Report Finds

International Chinese individuals—those with roots in China but whose lives and assets extend beyond borders—are increasingly influential in global finance. They invest across countries, operate in multiple jurisdictions, and now demand more from their banking relationships.

This shift creates significant opportunities for banks in Hong Kong and Singapore. With effective strategies, clients of Chinese descent could account for as much as 30 percent of their net new assets, according to a recent report by consulting firm Oliver Wyman. Successfully engaging this segment requires more than offering new products or channels; it necessitates rethinking banking operations, relationship-building, and value delivery across borders.

China leads Asia Pacific in wealth, with approximately USD 39.23 trillion in investable personal financial assets, such as deposits, stocks, and bonds. This figure excludes assets in insurance policies, pension funds, and direct real estate holdings. Japan ranks second, with USD 6.52 trillion.

High-net-worth and ultra-high-net-worth individuals account for nearly 53 percent of the entire regional wealth. Projections suggest Asia Pacific will see an additional USD 9.7 trillion in wealth by 2029, according to Oliver Wyman.

Between 30 and 40 percent of Chinese offshore wealth flows through Hong Kong, with Singapore gaining prominence as an alternative hub. Chinese investors globally are directing capital into cross-border life insurance, ETFs, public investment funds, private markets, and alternative assets, the report indicates.

Since last year’s expansion of the Wealth Management Connect program linking Hong Kong, Macau, and mainland China, offshore investments by Chinese clients have increased. Hong Kong’s life insurance market is expanding, with industry premiums expected to grow at a compound annual rate of 3.3 percent to USD 73.7 billion by 2028, up from USD 62.6 billion last year.

“Chinese investors with global ambitions are becoming more sophisticated, operating across borders and demanding more from their banking partners,” said Oliver Wyman. “This creates both a major opportunity and a strategic challenge for financial institutions.”

However, gaining access to global assets remains complicated for investors with ties to China, due to tightly regulated outbound programs. On the horizon, structural changes are underway—Hong Kong is exploring digital currencies and tokenized investment initiatives, while the Hainan Free Trade Port has launched island-wide customs operations.

Key strategies identified for banks in Hong Kong and Singapore to serve the Chinese global client base include connecting different generations’ wealth transfer priorities to foster loyalty, developing adaptable financial solutions for their diverse needs, and leveraging integrated technology to meet their unique expectations.

By 2030, first-generation wealth creators are projected to transfer around USD 2.7 trillion to heirs across Asia Pacific. Wealth transfer among Chinese families often highlights significant generational differences. Banks that can bridge these gaps and help clients manage complex family dynamics will find valuable opportunities.

While Hong Kong and Singapore remain primary destinations for offshore Chinese wealth, many high-net-worth families are diversifying into other financial centers such as the United Arab Emirates and Bermuda to better manage and structure their assets.

Supporting this evolution requires banks to go beyond traditional approaches. Success hinges on providing the right products from the right jurisdictions and building the infrastructure and expertise to keep pace with client ambitions.

Seizing the global Chinese wealth opportunity involves more than new product offerings or digital enhancements. It requires a fundamental rethink of banking operations—spanning decision-making processes to service delivery. Teams must possess a blend of cultural understanding and technical skill to succeed.

Tools such as streamlined onboarding, multi-currency reporting, and integrated portfolio overviews are essential for delivering the experience these clients expect. Artificial intelligence is also playing a role, boosting efficiency by up to 40 percent in client onboarding and 35 percent in administrative tasks.

“Global Chinese clients are highly mobile, discerning, and have clear expectations,” the report concluded. “Success will favor institutions willing to rethink and adapt how they serve across borders, generations, and priorities.”