Editorial | Hong Kong ideally placed to be family office hub
- When looking for a friendly, experienced jurisdiction to help protect their wealth and legacies, the world’s richest need look no further than Hong Kong
The world’s ultra-wealthy have the smartest advisers to take care of their fortunes. But to be assured of legacies for their families, they still need a friendly jurisdiction to help protect their wealth.
Hong Kong is moving full steam ahead to become a premier family office hub. With its sophisticated financial services and banking sectors, it is uniquely placed to play such a role on a global scale.
In his first policy address, Chief Executive John Lee Ka-chiu said he aimed to attract at least 200 of the world’s top family offices to set up or expand their operations in the city by 2025.
That will go a long way in competing for business with Singapore, which has had a head start. The city state reportedly has about 400 such offices to help global wealthy families to invest their fortunes, and manage their succession planning and charity works.
As a premier financial hub, Hong Kong already has the necessary infrastructure in place.