Hong Kong is on a mission to shine as a leading global family office hub, and it's taking big strides to make it happen! 🌃✨
Christopher Hui, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (HKSAR), shared in an exclusive interview how the city's wealth management prowess is boosting its position on the world stage. \"Our wealth management capabilities are strengthening Hong Kong's appeal to family offices worldwide,\" Hui said.
Last year, Hong Kong set an ambitious goal to attract 200 large family offices by 2025. To make this dream a reality, the city rolled out a series of cool policies, like the new capital investment entrant scheme and tax concessions, aiming to lure in the world's wealthiest family offices. 💰🛬
To showcase its financial flair, Hong Kong hosted its first-ever Financial Mega Event Week in late March. The city was buzzing with activities highlighting its diverse financial services—from wealth management to green finance. \"We had a very productive and fruitful week, with three key events happening in Hong Kong,\" Hui remarked, emphasizing the city's allure as a hotspot for growth and success.
According to a study by Deloitte, Hong Kong was home to an estimated 2,700 single-family offices last year, each managing at least $10 million. Impressively, 885 of them handled assets of at least $100 million! 💸
By recognizing the growing importance of family offices in the global financial scene, Hong Kong is positioning itself perfectly to meet the needs of this specialized sector. With competitive tax incentives, innovative investment schemes, and a super friendly business environment, it's no wonder Hong Kong is becoming the go-to 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. \"Our focus on wealth management and attracting global family offices is key to Hong Kong's future,\" he said.
With all these exciting developments, Hong Kong is well on its way to becoming a global powerhouse for family offices. Watch this space! 🚀
Reference(s):
Inside Hong Kong's journey to become a leading family office hub
cgtn.com
