Family Office Strategies in Hong Kong: Surpassing Switzerland by 2030

Family Office Dynamics in Hong Kong

Hong Kong is positioning itself to overtake Switzerland as the world's top destination for wealth management by 2030, driven by strategic initiatives aimed at enhancing its standing as a family office hub. As noted by Joseph Chan Ho-lim, the undersecretary for financial services and the treasury, competition remains fierce globally.

Strategic Growth Initiatives

The World National Center predicts that Hong Kong will emerge as the leading hub for cross-border wealth management by 2027-28. Chan emphasized the critical need for Hong Kong to foster a conducive business environment to attract family offices.

• Competitive advantages include:
• Free flow of capital and information
• Common law system
• Low-tax regime
• Regulatory compatibility with global markets

Projected Growth of Family Offices

According to Deloitte, the number of single-family offices in Asia-Pacific is set to rise by 40% by 2030, significantly outpacing other regions. Currently, over 2,700 family offices call Hong Kong home, many established by individuals with wealth exceeding US$50 million.

Enhanced Collaboration for Success

Family office leaders stress that cohesive investment strategies are vital. Karina Chan from EY noted the shift towards hiring in-house chief investment officers to innovate and guide investment decisions.

Communication and Collaboration

Investing requires collaboration with industry professionals. Alan Chan from Full Vision Capital highlighted the importance of sharing insights to discover new investment opportunities.

Family offices in Hong Kong are embracing a more collaborative and professional approach, enhancing their investment capabilities for sustainable growth in the wealth management landscape.