Hong Kong is on an ambitious journey to solidify its status as a leading global family office hub. Christopher Hui, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (HKSAR), highlighted the city’s enhanced wealth management capabilities in an exclusive interview with CGTN on Wednesday.
Hui emphasized the importance of Hong Kong’s soft power in attracting long-term investors and multinational corporations. \"Our wealth management excellence and strategic initiatives make Hong Kong a sustainable destination for growth and success,\" he remarked.
Last year, Hong Kong set a target to attract 200 large family offices by 2025. To achieve this, the city has implemented a series of favorable policies, including the new capital investment entrant scheme and various tax concessions aimed at enticing wealthy family offices.
In a bid to showcase its diverse financial services, Hong Kong hosted its inaugural Financial Mega Event Week in late March. The event featured key sectors such as family offices, wealth management, and green finance, demonstrating the city’s comprehensive financial ecosystem.
According to a Deloitte study commissioned by the HKSAR government, Hong Kong housed an estimated 2,700 single-family offices last year. These offices managed assets of at least $10 million, with 885 of them overseeing assets exceeding $100 million.
By offering competitive tax incentives, innovative investment schemes, and a conducive business environment, Hong Kong is positioning itself as the ideal destination for family offices seeking stability and growth. Hui stressed that developing Hong Kong as an international asset and wealth management hub is crucial for the city’s long-term economic growth and development.
Reference(s):
Inside Hong Kong's journey to become a leading family office hub
cgtn.com
