The number of family offices (FOs) in Hong Kong has reached more than 2,700 following a slew of policy measures to lure the global wealthy and strengthen the city’s status as a financial hub, according to a report.
A significant share of the single FOs had at least $100 million in assets under management (AUM) as of the end of 2023, according to data from the Deloitte survey commissioned by the Hong Kong government. The report provides the first available statistics about Hong Kong’s FOs.
The city has also surpassed regional rival Singapore in the number of single FOs. Singapore, which offers several tax incentives for family offices, had around 1,400 FOs as of the end of last year, as per the Monetary Authority of Singapore (MAS).
| Wealth tier | Estimated number of single-family offices in Hong Kong |
|---|---|
| $10m-30m | 535 |
| $30m-50m | 601 |
| $50m-100m | 682 |
| $100m+ | 885 |
| Total | 2703 |
Source: Deloitte
Hong Kong has seen an exodus of wealth and talent in recent years due to the pandemic and ongoing geopolitical tensions.
The new rush of FOs follows a slew of support measures including tax cuts, a path to permanent residency, and the establishment of the Hong Kong Academy for Wealth Legacy, and FamilyOfficeHK (FOHK), part of a target set to lure at least 200 global FOs to the city by 2025.
Hong Kong also does not have requirements for pre-approval or registration for family offices to operate in the city.
The city is introducing a new capital investment entrant scheme in mid-2024, providing residency to people who invest at least HK$30 million ($3.8 million).
Sheikh Ali Al Maktoum, the nephew of Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum, has plans to set up an FO in Hong Kong with $500 million in assets, Bloomberg reported on Monday. The firm is interested in investing in red-hot sectors including artificial intelligence (AI), fintech, and electric vehicles (EVs), the report added.
Later this month, Hong Kong will be hosting the annual Wealth for Good summit, part of the city’s plan to woo more billionaires to set up shop locally.