Thanks to its competitiveness, unique geographic location, solid market foundation, and mature financial and legal environment, Hong Kong is well positioned to be a top destination to allure the world’s wealthy to set up family offices.
Firstly, Hong Kong is backed by the Chinese Mainland, the world’s second largest economy, which offers infinite wealth growth potential for family offices. As China’s economy continues to grow, the Mainland market brings vitality and opportunity into family offices in terms of investment options and asset appreciation. Meanwhile, Hong Kong assumes “super-connector” role between the Chinese Mainland and the rest of the world, being a global destination for setting up family offices as it offers access to a wide range of resources for global perspectives to help them achieve global wealth allocation and risk management.
Secondly, Hong Kong’s well developed financial system and sound legal system provide a reassuring level of protection for family offices. As the world’s largest offshore RMB hub, Hong Kong has one of the highest concentrations of the world’s top financial institutions and professionals, providing diversified financial products and services for them. Moreover, thanks to its well-established and transparent legal system, Hong Kong provides stronger legal support and protection for family offices to ensure a smooth succession of family wealth and sustain enduring family business.
Thirdly, capitalising on cultural commonality with the Chinese Mainland and the city’s diverse talent pool, Hong Kong possesses unrivalled advantages for family offices. Besides, as a fusion of East and West, it has unique cultural diversity to attract global talents. All these help Hong Kong better understand and serve the Mainland clients so as to satisfy their needs for family culture inheritance and wealth management.
In general, Hong Kong offers an ideal environment for setting up family offices with many unparalleled advantages that encompass the strong backing from the Motherland, its mature financial and legal environment, cultural commonality and global talent pool.
During this era of global economic growth amid accumulating family wealth, looking ahead, we are fully confident that the prospects for family offices in Hong Kong are even more promising.