全球大型金融機構正加碼押注香港。美國銀行將資本市場主管從蘇黎世調往香港，匯豐銀行高管也計劃從倫敦遷至香港。中際旭創在港完成68億美元的IPO，為七年來最大規模新股發行。香港近期超越瑞士成為全球最大離岸財富管理中心。然而，此次外籍人士回流與以往不同——過去三年超過41萬份人才計劃審批中，近四分之三來自中國大陸，不會說普通話或粵語的外籍人士面臨更窄的就業選擇。
外籍人士回流的跡象已在房地產和教育領域顯現。半山東區和太平山頂等高端住宅區租金分別上漲約14%和13%，超過全市10%的平均漲幅。國際學校候補名單已延長至整整一年，學生人數三年內增長約10%至逾48,000人，但學位增長不足5%。儘管前摩根士丹利亞洲區主席羅奇認為香港已淪為「又一座中國大城市」，但回流者感受到的是一座介於2017年巔峰與疫情低谷之間、正在復甦的城市。
Hong Kong is experiencing a notable resurgence in its expat population after years of pandemic-era departures and geopolitical uncertainty. Thousands of white-collar professionals are returning, drawn by a booming IPO market, proposed tax breaks for fund managers, and a reinvigorated city atmosphere. Employment visa approvals for foreigners reached 31,278 last year—more than double the figure from five years prior—while financial services visas climbed 17% to a post-2022 high. Global firms such as Bank of America and HSBC are relocating senior executives to the city, signaling renewed institutional confidence.
The recovery, however, differs markedly from previous expat booms. Of over 410,000 talent scheme approvals in the past three years, nearly three-quarters went to mainland Chinese nationals, and job prospects for non-Mandarin-speaking Westerners have narrowed considerably. Meanwhile, Hong Kong's capital markets revival—highlighted by Zhongji Innolight's $6.8 billion IPO, the city's largest in seven years—and its recent overtaking of Switzerland as the world's biggest offshore wealth hub are reinforcing its financial appeal. Singapore's Monetary Authority has responded by exploring tax cuts to retain investment firms, underscoring the intensifying competition between Asia's two premier financial centers.
Tangible signs of the influx are evident in housing and education. Prime expat neighborhoods such as Mid-Levels East and the Peak have seen rents rise 13–14% year-on-year, outpacing the citywide average of 10%. International school waitlists now stretch to a full year, with student numbers growing roughly 10% over three years while available places expanded by less than 5%. Despite debate over whether Hong Kong's recovery reflects genuine international appeal or growing dependence on mainland China—former Morgan Stanley Asia Chairman Stephen Roach called it 'just another big Chinese city'—returnees describe a city that, while changed, remains distinctly more vibrant than its pandemic-era nadir.