Hong Kong’s Strategic Journey to Become a Leading Global Family Office Hub
Hong Kong is making significant strides to establish itself as a premier global hub for family offices. Christopher Hui, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (HKSAR), highlighted the city’s wealth management capabilities and strategic initiatives in an exclusive interview on Wednesday.
“Our wealth management expertise strengthens Hong Kong’s position as a leading global family office hub,” Hui stated. He emphasized the importance of projecting the city’s soft power to attract long-term investors and corporations.
In a concerted effort to draw family offices, Hong Kong set an ambitious target last year to attract 200 large family offices by 2025. The city has introduced a series of favorable policies, including a new capital investment entrant scheme and tax concessions, to create an appealing environment for wealth management entities.
To showcase its diverse financial services, Hong Kong hosted its inaugural Financial Mega Event Week in late March. The event highlighted areas such as family offices, wealth management, and green finance, reinforcing the city’s appeal as a comprehensive financial center.
“We had a very productive and fruitful week, with three key events happening in Hong Kong,” Hui remarked. “The focus on showcasing Hong Kong’s wealth management and financial services excellence through these events demonstrates our city’s appeal as a sustainable destination for growth and success.”
According to a Deloitte study commissioned by the HKSAR government and published in March, Hong Kong was home to approximately 2,700 single-family offices last year. These offices managed at least $10 million each, with 885 managing assets exceeding $100 million by the end of the year.
Recognizing the increasing importance of family offices in the global financial landscape, Hong Kong has strategically positioned itself to meet the needs of this specialized sector. By offering competitive tax incentives, innovative investment schemes, and a conducive business environment, the city has emerged as an ideal destination for family offices seeking stability and growth.
Hui stressed that developing Hong Kong as an international asset and wealth management hub and attracting global family offices are crucial for the city’s long-term economic growth and development.
