Hong Kong’s Monetary Tide
Hong Kong has experienced a surge of money inflow along with the influx of mainland visitors. HSBC Holdings Plc’s Chief Executive Officer Noel Quinn revealed that as of November 2023, wealth management business inflows from the mainland to Hong Kong had increased by 3 to 4 times compared to pre-pandemic levels. In the insurance sector, mainland Chinese customers spent approximately 59 billion yuan on insurance policies in Hong Kong last year, increased by 27 times year-on-year.
Due to its geographical location and international advantages, Hong Kong has become the first stop for mainland capital seeking global wealth asset allocation. Driven by cross-border wealth management demand, the wealth management industry has become a strong driver of Hong Kong’s financial sector.
