Study shows HK a wealth hub: Govt

A Deloitte market study commissioned by Invest Hong Kong estimates that the city has more than 2,700 single-family offices.

The study predicts that with Invest Hong Kong’s support and favourable policy measures from the Government, Hong Kong will rise to become the world’s premier centre for family offices.

Invest Hong Kong said the study sheds light on Hong Kong’s flourishing family office sector and its status as a premier hub for global family offices and wealth owners.

Secretary for Financial Services & the Treasury Christopher Hui said: “In the past year we implemented various facilitating measures as announced in the Policy Statement on Developing Family Office Businesses in Hong Kong, further enhancing our holistic offerings for global wealth owners.

“The estimate provided by the market study will further inform our market development and promotion work in the future.”

The study adopted a commonly accepted statistical methodology based on a proprietary database of ultra-high net worth individuals and families to arrive at its estimate. It also provided tiered estimates of the number of single-family offices in terms of different wealth levels.

Hong Kong had $30.5 trillion assets under its management as of end-2022. It also had more than 12,500 ultra-high net worth individuals in the same year, topping the list of global cities.

The study reaffirms Hong Kong as one of Asia’s major asset and wealth management centres, Invest Hong Kong added.