Hong Kong: A Rising Global Financial Powerhouse

Hong Kong has been recognized as a “pivotal global financial hub” and international asset management center, joining Shanghai, Singapore, Sydney, and Dubai as one of the five new wealth hubs.

The city stands out for its regulatory frameworks, capital markets, and connectivity to the Chinese mainland.

This designation is based on six core areas that define the habitability and attractiveness of wealth hubs: urban prosperity, governance and talent, legal framework, enterprise excellence, lifestyle, and opulence.

Hong Kong is particularly experiencing a rise in ultra-high-net-worth (UHNW) individuals, as well as the establishment of family offices.

In 2023, Hong Kong’s UHNW population increased by 2.5%, reaching 5,957 individuals. Projections suggest this figure could rise to 7,290 by 2028, a 22.4% surge from 2023. This growth rate outpaces other Asian markets, including Japan, Singapore, Taiwan, and Thailand.

The family office landscape in Hong Kong is set to expand, particularly in the wealth management sector, which is growing at a compound annual growth rate of 7.6%. It is projected to surpass Switzerland by 2027.

Hong Kong is also an attractive location for multinational corporations and entrepreneurs due to its competitive tax rates, ranging from 2% to 17%.

Major art events like Art Basel Hong Kong, along with numerous galleries, museums, and a zero-tariff art market, underscore its role as a regional arts hub.

Amidst ongoing turbulence, legislative changes, and new barriers for family offices in other locations, it is anticipated that Hong Kong’s position as a global hub for family offices will continue to strengthen.

If you are considering Hong Kong as a location for such a business, Mayon Solutions Limited is ready to provide qualified support and serve as your reliable certified secretary.