By Staff Reporter
Copyright macaonews
Hong Kong has already beaten its 2025 target of seeing 200 family offices established in the SAR. The milestone for the city’s wealth management ambitions was announced on Monday by the Financial Services and the Treasury Bureau (FSTB), according to local public broadcaster RTHK.
The FSTB says the achievement highlights Hong Kong’s strong reputation as Asia’s premier cross-border private wealth centre and as a leading global hub for family offices, which are wealth management firms handling investments, financial planning and other personal affairs exclusively for a single ultra-high-net-worth family.
First outlined in Chief Executive John Lee’s 2022 Policy Address, the initiative aimed to facilitate at least 200 such offices by the end of 2025. Business promotion body InvestHK played a key role in attracting and supporting the operations, offering dedicated guidance to eligible individuals, who tend to hail from the Chinese mainland.
[See more: China’s wealthy turn to Hong Kong instead of Singapore as a financial haven]
To bolster growth in the sector, the government introduced a new policy framework in March 2023 with measures such as tax concessions and the New Capital Investment Entrant Scheme (New CIES). Recent updates to the scheme now allow certain private company investments to qualify investors’ for residency.
FSTB secretary Christopher Hui said Hong Kong was a “place where favourable conditions for family offices converge, ranging from world-class professional services and a high-quality, liveable lifestyle to strong advantages for the development of sectors such as green investments, art and philanthropy.” He added that those factors created a “diverse and well-rounded ecosystem” for private wealth management.
By the end of 2024, Hong Kong’s total assets under management were worth HK$35 trillion – a 13 percent year-on-year increase driven largely by significant net fund inflows. Looking ahead, the government has said it would continue refining the SAR’s tax policies for family offices.
