Global insurer AXA has launched a new wealth and insurance platform in Hong Kong aimed at high net worth individuals, strengthening its presence in Asia as the city consolidates its position as the world’s largest cross border wealth hub ahead of Switzerland.
The new initiative, AXA Global Private, was unveiled on Monday as a combined offering that merges life insurance, wealth management, and succession planning services for wealthy families across Asia. The platform is designed to serve clients seeking long term financial planning solutions, including estate structuring, tax efficiency, and asset protection across multiple jurisdictions.
The move comes at a time when Hong Kong’s wealth inflows have surged significantly, driven largely by mainland Chinese investors and high net worth families seeking diversification outside domestic markets. According to analysis cited by Boston Consulting Group, cross border wealth in Hong Kong has reached around $2.9 trillion, surpassing Switzerland and cementing the city’s role as the global centre of offshore wealth management.
AXA, which ranks 103 on the Fortune Global 500 list, reported revenues of 116 billion euros, equivalent to about $133 billion, in the previous financial year. The company also recorded net income of 9.7 billion euros, or approximately $11.2 billion, representing a 24 percent increase. The insurer has increasingly refocused its strategy on core insurance operations after selling AXA Investment Managers to BNP Paribas last year.
The new platform reflects AXA’s strategy to tap into the growing demand for integrated financial solutions among wealthy clients, particularly in Asia. Sally Wan, Chief Executive Officer of AXA Greater China and head of AXA Global Private, said that post pandemic mobility and reopening of borders had reshaped the profile of clients in Hong Kong.
“After COVID when the border reopened, we saw mainland Chinese customers coming back to Hong Kong, but these were high net worth customers, rather than the mass affluent,” she said. “They were looking for diversification and protection, especially for family business and legacy planning.”
Wan explained that wealthy clients are increasingly using insurance products as part of broader estate planning strategies, with some allocating between 5 percent and 10 percent of their total assets into participating life policies. These policies are often structured in ways that resemble trusts and are used for inheritance planning and wealth transfer across generations.
The AXA Global Private platform will also expand into niche insurance segments tailored for wealthy individuals, including coverage for art collections, kidnap and ransom protection, and insurance solutions for family offices. These services are increasingly in demand as global mobility among wealthy families rises and their asset portfolios become more complex and geographically distributed.
Hong Kong’s rise as a global wealth hub is closely linked to capital inflows from mainland China, which accounts for nearly 60 percent of cross border wealth entering the city. The territory has also benefited from its strong financial markets, including a vibrant initial public offering pipeline and its role as a gateway for Chinese capital into global markets.
Boston Consulting Group forecasts that Hong Kong’s cross border wealth will continue to expand rapidly, potentially reaching $4.6 trillion by the end of the decade, compared with around $4 trillion for Switzerland. The shift marks a significant realignment in global wealth management, with Asia emerging as the dominant centre for offshore financial activity.
Beyond China, AXA noted that inflows are also coming from Taiwan, South Korea, India, and other parts of Asia, reflecting broader regional wealth creation and diversification trends. The company also signalled potential future expansion of its private wealth platform into the Middle East, where rising entrepreneurship and capital accumulation are creating new demand for cross border financial services.
However, demographic trends present a growing challenge for the region. Hong Kong’s median age has risen to nearly 48 years, making it one of the oldest populations globally. The city also has one of the lowest fertility rates in the world at 0.73 births per woman, raising concerns about long term economic sustainability and social welfare pressures.
Wan warned that aging populations are increasing pressure on insurance systems, particularly in terms of retirement planning and long term care needs. While high net worth individuals are generally better positioned to manage these risks through diversified financial planning, she expressed concern about the broader population.
“Aging is giving insurers a lot more pressure because people live a lot longer,” she said. “In the past, people may have had enough money to live for another 20 years after retirement. Now, they’ll live for 30. What happens in that last 10 years?”
She added that Hong Kong’s healthcare and elder care infrastructure remains underdeveloped relative to the scale of the challenge, particularly for middle and lower income groups.
AXA’s new platform therefore sits at the intersection of two major global trends, the rapid concentration of wealth in Asia and the growing demand for sophisticated financial planning solutions driven by longer lifespans and changing family structures.
As Hong Kong continues to expand its role as a global financial hub, AXA’s investment signals strong confidence in the city’s long term position as the centre of cross border wealth management, even as competition from Switzerland and other financial centres continues to intensify.
