Talent fight intensifies in Hong Kong’s $1.3 trillion wealth hub

Candidates are getting pay bumps of as much as 25 per cent. Read more at straitstimes.com.

HONG KONG – The competition among global banks for Hong Kong’s US$1 trillion (S$1.3 trillion) of private wealth is intensifying.

Wall Street titans and regional heavyweights such as UBS Group, Citigroup, BNP Paribas, DBS Group Holdings and China Construction Bank are aggressively expanding their headcount in 2026, with plans to hire hundreds of private bankers to cater to high-net-worth individuals.

Candidates are getting pay bumps of as much as 25 per cent, according to a recruitment firm.

Hong Kong’s wealth sector saw a definitive end to its pandemic-era exodus in 2025, fuelled by robust inflows. As the city prepares to host a major wealth summit this week, officials are positioning the territory as a haven amid shifting global tides and growing risk in the Middle East.

“It’s extremely competitive,” said Mr Lemuel Lee, head of Hong Kong wealth management at BNP Paribas, which is aiming for a 10 per cent to 20 per cent net increase in Greater China relationship managers in 2026. “Nearly every bank is hiring.”

The city is re-emerging as a primary destination for shifting capital, amid geopolitical volatility in the Middle East and regulatory tightening in Singapore. As investors seek stability away from hubs like Dubai and navigate the fallout from Singapore’s high-profile money laundering scandals, Hong Kong is asserting itself as the premier alternative for the region’s ultra-wealthy.