UOB Targets Fivefold Wealth Growth in Hong Kong by 2030

Newly appointed Hong Kong CEO George Tung emphasized a strategic pivot from "China+1" to "Growth+1" models. As clients expand their operations across Southeast Asia, their requirements have shifted toward treasury optimization, risk management, and long-term succession planning. This evolution aligns with projections that Asia’s private wealth pool will reach $99 trillion by 2029, with capital flows between China and ASEAN expected to hit $100 billion.

With business owners representing 70 per cent of its client base, the bank is focusing on integrated financial solutions to capture this demand. The group reports a compound annual growth rate of over 12 per cent in assets under management since 2022, a performance reflected in the 29 per cent rise of UOB shares since the start of the year.