HONG KONG — Hong Kong is luring back professionals, reversing an exodus in the wake of political and social unrest in 2019 and some of the world’s most rigid Covid restrictions, as its initial public offering (IPO) market booms and the city reclaims ground as a global financial hub.
After overtaking Switzerland as the world’s top cross-border wealth hub, Hong Kong is firmly back in the spotlight with total funds raised, including IPOs, rising 76 percent year on year to roughly $83.5 billion in the first eight months of 2026.
Executive talent firms and consultancies have reported finance industry professionals returning from Singapore, London, Dubai and mainland China to pursue opportunities in wealth management and China-related business.
“Inquiries and relocation activity have rebounded strongly compared to the depths of 2023, gaining solid momentum over the past 18 to 24 months,” said Lee Brantingham, a Hong Kong-based partner at global executive search firm HIEC.
“Financial services, particularly asset management, private wealth and family offices, remain the cornerstone. The fastest-growing demand is around artificial intelligence (AI) integration, compliance and risk management,” he added.
More than 400 companies either set up local entities or expanded their presence in the city in the first six months of 2026, up 9 percent from a year earlier, according to government investment agency InvestHK.
These enterprises were expected to bring in more than HK$53 billion ($6.8 billion) in foreign direct investment and create over 8,600 jobs for the city, it said.
The revival has boosted demand for prime office space from mainland Chinese and multinational companies, with Grade A office space in the Central business district recovering after years of decline.
Savills’ latest report on Hong Kong’s leasing market showed the city’s Grade A office market in Central leading the recovery, with office rents increasing 4.8 percent in the second quarter from the previous three months, while vacancy rates fell from 10.2 percent in the first quarter to 9.4 percent.
“Hedge funds and quantitative funds are pre-leasing large contiguous floor plates to secure space for future expansion, making them a key driver of recent market activity in Central,” said Jack Tong, director, research and consultancy at Savills.
“Rents for quality office space in core districts are expected to see further recovery over the medium term.”
Knight Frank said premium office space in the Central business district remained the most sought-after, with vacancy falling to 9.7 percent in July from 14.5 percent at the start of the year.
Hong Kong, aiming to strengthen its competitiveness as a global asset management hub, is also in the process of passing a bill to extend a tax incentive to more fund firms and fund managers.
Underscoring demand for office space, United States trading firm Susquehanna International Group plans to triple its office space in Hong Kong to bolster a major hiring push, Reuters reported this month.
The city’s revival is filtering into the economy. Economic growth accelerated to 5.9 percent in the first quarter of 2026 and remained robust in the second quarter, with officials citing strong demand for AI-related products, rising cross-border financial activity and resilient domestic consumption.
