Over 200 Family Offices set up in Hong Kong: Continued Policy Refinements to Sustain Growth Momentum
This achievement exceeds the Key Performance Indicator set by Chief Executive John Lee in the 2022 Policy Address, which targeted attracting at least 200 family offices to Hong Kong by the end of 2025.
The bureau pointed out that this figure does not include those established independently or through support from the city’s professional services network, suggesting the actual scale of Hong Kong’s development as a family office hub is even more substantial.
Hong Kong's Family Office Hub Status Underpinned by Robust AUM Growth
As Asia largest cross-border wealth management hub, the total asset under management (AUM) in Hong Kong reached HK$35 trillion by the end of 2024, representing a 13% year-on-year increase. Net fund inflows saw a significant surge of over 80% to HK$705 billion, with net inflows for asset management and fund advisory business skyrocketing by 571% to HK$321 billion. The AUM of private banking and private wealth management businesses increased by 15% year-on-year to HK$10,404 billion. Furthermore, regarding asset allocation by incoming capital, luxury consumption is particularly notable. Nearly half of the entrepreneurs purchased high-end fashion and jewelry, followed by real estate and automobiles. One-third of entrepreneurs invested in art and collectibles, a proportion higher than the global average of approximately one-quarter.
Hong Kong: A Premier Asset Allocation Hub for Global and Asian Family Offices
HSBC Private Bank Global Entrepreneurial Wealth Report 2025 revealed that nearly 10% of global entrepreneurs are considering relocating their assets to Hong Kong, while almost 60% are working towards diversifying their wealth internationally. Hong Kong is especially attractive to Asian entrepreneurs seeking diversification, with 22% of mainland Chinese entrepreneurs and 26% of Taiwanese entrepreneurs already identifying Hong Kong as their preferred destination for asset allocation.
Hong Kong's Evolving Policy Landscape for Family Offices
As part of its strategy to attract family offices, the government rolled out eight policy measures in March 2023 aimed at strengthening the sector’s ecosystem. These measures included the New Capital Investment Entrant Scheme, tax concessions, the establishment of the Hong Kong Academy for Wealth Legacy, the promotion of art storage facilities at the airport, and a new network for family office service providers.
To sustain this growth, the Hong Kong Government will continue to refine its policies, including further optimizing preferential tax regimes for funds, single-family offices, and carried interest. It also plans to bolster international exchanges and promotions to solidify Hong Kong’s status as an international asset allocation centre and regional family office hub.
