- Wealth assets in Asia have grown to nearly $56 trillion, including potentially $27 trillion in China alone
- For wealth managers, securing just 1% of mainland China’s addressable wealth market would represent approximately $300 billion in AUM
September 15, 2026 — International wealth managers competing in Asia are moving beyond traditional offshore strongholds in an attempt to tap into a massive market of onshore intermediated holdings that could top $35 trillion.
Asian financial assets total something close to $56 trillion, according to new analysis from Crisil Coalition Greenwich. For nearly 50 years, European and North America wealth managers competing for a slice of those assets have focused their efforts on offshore assets held in Hong Kong, Singapore and other financial centers. However, after years of rapid asset growth across the region, those offshore holdings now account f or only 5-10% of APAC wealth assets. Onshore intermediated assets could total as much as $35 trillion, including potentially $16 trillion in China.
“For managers operating in APAC, a credible mainland China strategy is increasingly becoming a prerequisite for long-term success,” says Fabio Zheng, Senior Product Manager in Wealth Management, at Crisil Coalition Greenwich.
Onshore Assets: An Opportunity Worth Billions
Although international wealth managers have traditionally served Chinese clients through offshore booking centers, shifting market developments in mainland China are expanding participation options for international firms. At the same time, opportunities are unfolding across the region for international wealth managers to move beyond their existing offshore-centered businesses. APAC investors are increasingly diversifying assets across jurisdictions, reassessing historical banking relationships and showing a willingness to move assets between providers.
“Global institutions are taking advantage of changes across the APAC region to create pathways to participate more directly in domestic wealth accumulation rather than solely capturing outbound wealth flows,” says Nuno Cordeiro, Head of Wealth Competitor at Crisil Coalition Greenwich. “They are doing this through wholly owned subsidiaries, wealth management joint ventures and broader onshore banking licensing.”
The scale of the opportunity explains why firms are taking on the daunting challenge of investing in local capabilities despite the complexity and competitiveness of the undertaking. Even modest market penetration in onshore markets can translate into meaningful assets under management (AUM). For example, securing just 1% of mainland China’s addressable wealth market would represent approximately $300 billion in AUM.
A Boom in New Wealth
As international wealth managers move to expand their reach, newly created wealth is an important component of their growth strategies.
Approximately 20% of new global millionaires over the last five years have emerged from APAC, underscoring the region’s role as a primary engine of wealth creation. The trend is particularly evident in Hong Kong, where renewed capital markets activity, liquidity events and entrepreneurial wealth creation have contributed to some of the strongest growth rates among wealth managers.
“Amid a boom in wealth creation, one of the clearest drivers of competitive differentiation among wealth managers is the ability to capture newly created wealth,” says Fabio Zheng.
Strategies for Wealth Managers
The combination of dynamism in APAC markets and new ambitions among international wealth managers is creating an industry in transition.
“Rather than viewing offshore and onshore strategies as separate opportunities, wealth management firms will have to develop integrated models that serve clients across markets, as wealth becomes more mobile, sophisticated and internationally diversified,” says Nuno Cordeiro.
A new report from Crisil Coalition Greenwich entitled The Three Winning Choices in APAC Wealth Management analyzes the growth and changing composition of wealth assets across the region and provides a series of recommendations for international wealth managers as they create growth strategies for the APAC region.