Number of family offices based in Hong Kong could surpass Singapore ‘in a few more years,’ investment body predicts

InvestHK says city could overtake Singapore soon, despite a big gap in the number of family offices in the two jurisdictions at present

Prediction came as organisation said 382 mainland Chinese and overseas firms, mostly in finance sector, had set up in city or expanded last year

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Hong Kong could overtake Singapore (pictured) in its number of family offices in the next few years, InvestHK says. Photo: Xinhua

Published: 4:53pm, 2 Feb 2024Updated: 9:45pm, 2 Feb 2024

The number of family offices in Hong Kong could surpass Singapore in just a few years, despite a large gap at present, the director of the city’s investment promotion agency has said.

InvestHK on Friday added it had helped 382 mainland Chinese and overseas companies set up or extend their businesses in Hong Kong in 2023, a year-on-year increase of 27 per cent, which brought HK$61.6 billion (US$7.9 billion) to the city and created 4,100 jobs.

Alpha Lau Hai-suen, the body’s director general of investment promotion, said she believed Hong Kong’s portfolio growth was gaining “good momentum” despite facing global financial uncertainties.

“As companies were able to resume their Asian strategies after the pandemic, Hong Kong is a natural first choice as a business base for many global multinationals and entrepreneurs,” she added.

“We have already seen a very good number of family offices opening up in Hong Kong because, frankly speaking, we have a better deal, a better tax environment and we are very supportive.

“Family offices in Hong Kong, for last year, have already picked up to such an extent that, I believe, in a few more years will surpass Singapore in terms of registrations.”