Financial Secretary Paul Chan announced that Hong Kong's wealth management sector is growing strongly and is well positioned to capture a significant share of business from global affluence. In a speech at the Wealth Management Summit, he cited a survey by the Securities and Futures Commission showing a 20 percent increase in assets under management to more than HK$42 trillion. Chan emphasized that Hong Kong is now the world's largest cross-boundary wealth management centre. International capital is showing renewed confidence in Hong Kong, driven by policy measures aimed at boosting private wealth management. For instance, the city now hosts over 3,300 single-family offices, a 25 percent increase in just two years. Chan also highlighted the success of the New Capital Investment Entrant Scheme, which has received some 4,300 applications, representing an expected investment of HK$150 billion. Legislation to further enhance tax regimes for funds and single-family offices is underway, with a target for passage by the year's end. Meanwhile, higher interest rates and increased capital diversification have made Hong Kong a clear beneficiary, as deposits rose 7.7 percent to HK$20.9 trillion in the first nine months of the year. Chan noted record-breaking initial public offerings, raising HK$388 billion, with capital flow arriving from the United States, Europe, the mainland, Southeast Asia, Central Asia, and the Middle East. He also highlighted the role of technology and artificial intelligence in wealth creation, with tech now being the largest source of wealth among the world's richest tycoons and mainland billionaires' fortunes increasing by over 20 percent to US$1.8 trillion last year.