A Brighter Future
Investments by family offices are helping to shape a better future for the world, Professor Denise KENYON-ROUVINEZ says.
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With the announcement in early 2023 of new measures designed to attract and support family offices, Hong Kong demonstrated its intention to strengthen its attractiveness for this sector amid increasing competition from other global financial centers.
The latest incentives, which were outlined at the city’s high-profile Wealth for Good summit, include a revamped investment-migration scheme, which will now include RMB-denominated assets, as well as ready access to art storage facilities at the airport.
The goal is to see at least 200 family offices – the private companies used by high-net-worth families to manage their investments and philanthropic interests – based in Hong Kong by the end of 2025.
There is also a broader aim to showcase the city’s range of wealth management services and expertise and to reinforce its position as Asia’s pre-eminent financial hub.
“There are many types of large family businesses around the world. According to research, in a number of countries, up to half the listed companies are family-owned or governed, many of them having their own single family office,” says Switzerland-based Professor Denise Kenyon-Rouvinez, a member of the World Economic Forum Expert Network and the Principal Program Director of Family Office programs at the Wealth Management Institute in Singapore. She visited Hong Kong in 2023 and conducted a seminar hosted by the School on the challenges and opportunities facing family businesses and family offices.
