Two years after the former chair of Morgan Stanley Asia declared that “Hong Kong is now over,” the territory is making an impressive comeback on the strength of a boom in Chinese IPOs.
The latest evidence that closer ties with the mainland are helping, rather than hurting, the Asian financial center: Hong Kong has overtaken Switzerland as the top hub for cross-border wealth, according to the consulting firm BCG, which said the city “is cementing its role as China’s gateway to global markets.”
Hong Kong is also benefiting as the world’s uber-rich spread their investments geographically to the US, the Gulf, and East Asia in order to hedge against geopolitical risks.
