Hong Kong Strengthens Position as Asia’s Leading Financial Hub with New Family Office Initiatives

Hong Kong continues to solidify its reputation as Asia’s premier financial centre, offering an increasingly attractive landscape for investment. To further enhance its appeal, the city is rolling out a series of measures aimed at attracting family offices, according to Financial Secretary Paul Chan Mo-po.

This year, Hong Kong will expand its already favorable policies, building upon existing tax concessions for single family offices. The government plans to introduce broader exemptions for investment funds, enhance tax incentives for family offices, and boost support for private equity—reinforcing the city’s role as a global wealth management hub.

Currently, Hong Kong is home to more than 2,700 family offices, with half managing assets exceeding US$50 million. In his 2022 policy address, Chief Executive John Lee Ka-chiu set an ambitious target: attracting at least 200 large family offices by the end of 2025. So far, 160 have already established operations in the city, according to InvestHK, the government agency responsible for investment promotion.

The city’s strategic position as a bridge between East and West was highlighted at the recent closed-door annual summit, themed “Hong Kong – of the world, for the world.” The event underscored Hong Kong’s unique advantages, including its thriving ecosystem for investment, innovation, and cross-cultural collaboration.

Two years ago, at the inaugural Wealth for Good Summit Hong Kong, officials introduced eight key measures to attract high-net-worth individuals and support family offices in managing their wealth, art collections, and philanthropic ventures. These initiatives included a new Capital Investment Entrant Scheme to encourage wealthy individuals to settle in Hong Kong, tax incentives, the establishment of the Hong Kong Academy for Wealth Legacy, and efforts to position the city as a global philanthropic centre.

To date, seven of the eight measures have been implemented. The final initiative—developing state-of-the-art art storage facilities at the airport—remains in progress, further demonstrating Hong Kong’s commitment to evolving as a world-class financial and cultural hub.