Hong Kong · China · France · Fortune Technology
AXA releases a new insurance and wealth service for HNWIs as Hong Kong wealth climbs past Switzerland
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AXA is launching a new Hong Kong–based platform for high‑net‑worth individuals, doubling down on the city as it overtakes Switzerland as the world’s largest cross‑border wealth hub.
Key facts
- AXA, No. 103 on the Fortune Global 500, generated 116 billion euros ($133 billion) in revenue last year, a 6% increase
- BCG forecasts the gap will widen by the end of the decade: Hong Kong will be home to $4.6 trillion in cross-border flows, compared with $4 trillion in Switzerland
- Net income rose 24% to 9.7 billion euros ($11.2 billion)
- 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,” says Sally Wan, CEO of AXA
Summary
On Monday, the French insurer unveiled AXA Global Private, a hub that combines life insurance products with wealth management and succession services for rich families in Asia. “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,” says Sally Wan, CEO of AXA Greater China and the newly appointed head of AXA Global Private. Wan says wealthy families increasingly use participating life policies for estate planning and efficient tax management, often wrapping 5% to 10% of their total assets into insurance contracts that behave “like a trust.” Policies sold in Hong Kong are typically denominated in U.S. or Hong Kong dollars and offer exposure to asset classes that are harder to access in China.