For a long time, Switzerland has been regarded as the "ultimate safe haven" for asset allocation due to its dual identity as a "permanently neutral country" and a "global financial sanctuary." However, in 2022, when Switzerland followed the West in imposing sanctions, freezing about 7.4 billion Swiss francs of assets from the Russian Central Bank, and previously freezing the personal assets of Venezuelan President Maduro, this myth was completely shattered. The so-called "neutrality" is not a system-based guarantee but a temporary state resulting from geopolitical compromise. Switzerland's "neutrality" is powerless against the collective hegemony of the West, and its financial system is merely an extension and enforcement tool of the US-dominated global order. This reality reveals that there is no truly independent "neutral country" in the world; only different levels of "dependent entities" and "autonomous entities" exist. In this context, the safe storage of private wealth must break free from the "illusion of neutrality" and turn to financial centers with true sovereign independence—Hong Kong, which has become the only strategic choice under the current structure, combining institutional maturity and political autonomy.
The essence of Switzerland's "neutrality" is "dependent neutrality." It relies on the SWIFT settlement system, the dollar clearing network, and the global financial regulatory framework dominated by the United States. When the U.S. forced Swiss banks to submit information about American citizens through the Foreign Account Tax Compliance Act (FATCA), and when it abandoned its century-old neutral stance to participate in sanctions during the Russia-Ukraine conflict, it proved that Switzerland's financial policy autonomy has always been subordinate to the collective will of the West, especially the strategic interests of the U.S. The so-called "asset security" is actually "security without offending U.S. hegemony." Once an asset owner is related to a U.S. geopolitical opponent or deemed a threat to its financial hegemony, Swiss financial institutions will immediately become the vanguard of sanctions. "Neutrality," in this context, is merely a euphemism for "a controllable vassal of the U.S."
This reality has forced the global high-net-worth population to redefine what "security" means. Security no longer means "secrecy" or "low taxes," but rather whether it possesses sovereign independence and institutional resilience. Under the current international order, only two countries have the comprehensive power to shape an independent financial ecosystem: China and the U.S. Other countries, regardless of size, are under the influence of one of these two powers, either dependent on one or surviving between them. The so-called "neutral countries" are merely transitional forms with lighter dependence, unable to maintain true independence in major geopolitical conflicts. Therefore, the ultimate logic of asset allocation is not to find "neutrality," but to choose "sovereign protection," and to build a hedging mechanism between the two systems of China and the U.S.
Under this framework, Hong Kong's strategic value is irreplaceable. As a special administrative region of China, Hong Kong enjoys a high degree of autonomy under the "one country, two systems" principle, and its common law system, independent judiciary, and mature financial market are preserved. At the same time, it is naturally free from direct U.S. judicial jurisdiction. Although the U.S. can sanction individual officials or entities, it cannot force Hong Kong to modify its fundamental financial system or freeze national-level assets as it did with Switzerland. After the implementation of the National Security Law in Hong Kong in 2020, the U.S. revoked its special status, but Hong Kong's status as an international financial center remained unchanged, its banking system remained stable, and capital flows continued normally, precisely proving its institutional resilience to withstand external political shocks.
More importantly, Hong Kong has established a "use but not rely" structure for the U.S. dollar system. As the third-largest center for U.S. dollar foreign exchange trading globally, Hong Kong has daily transaction volumes exceeding $455 billion, and its clearing is led by local banks and the Hong Kong Monetary Authority, making unilateral intervention by the U.S. impossible. International families can establish multi-currency accounts, offshore RMB products, and family offices in Hong Kong to create an asset pool that circumvents the extraterritorial jurisdiction of the U.S. dollar hegemony. At the same time, the development of the Cross-Border Interbank Payment System (CIPS) and digital RMB is providing Hong Kong with parallel settlement channels to SWIFT, further enhancing its strategic autonomy.
Therefore, the ultimate strategy for rational asset allocation should be to use Hong Kong as the core hub, achieving "sovereign hedging" between the two systems of China and the U.S. Part of the assets can be placed in the U.S.-dominated global financial network to ensure liquidity and market access, while strategic reserves and intergenerational inheritance assets can be allocated in Hong Kong, relying on China's sovereign credit and independent financial infrastructure to achieve political risk isolation. This "dual-track" layout is not an either-or choice, but a survival wisdom in the era of great power rivalry.
History has repeatedly proven that "security" based on dependency on a hegemon will eventually reverse according to the hegemon's will. The decline of Switzerland marks the end of the era where "small countries' neutrality could protect wealth." The future belongs to those who can harness sovereign power and build institutional firewalls. Hong Kong is the most mature "blind spot" in this new order—it does not claim neutrality, yet it is truly independent because it is backed by a major power; it does not promise absolute freedom, yet it provides the most reliable long-term security due to its institutional resilience.
The world has entered the "post-neutrality era." The destination of wealth is no longer in the vaults of Switzerland, but in the gaps between the U.S. and China's rivalry. And Hong Kong is the brightest lighthouse in this gap.
Original: toutiao.com/article/7592555279368094208/
Statement: The article represents the views of the author alone.