Source:
https://scmp.com/news/asia/southeast-asia/article/2171867/how-asias-new-money-driving-boom-family-offices-hong-kong
Asia/ Southeast Asia

How Asia’s new money is driving boom in ‘family offices’ in Hong Kong and Singapore, set up as one-stop shops for all wealth management needs

  • The family office is a relatively new concept in Asia, with less than 500 such entities, compared to thousands in the West
  • They offer a comprehensive solution to managing the wealth of the rich, including investments, charitable giving, taxation and wealth transfer
Singapore’s financial district. Photo: AFP

Rich Chinese and other Asians are increasingly seeking more control of their wealth, driving a rapid rise in the number of so-called family offices, or private investment vehicles, being set up in Hong Kong and Singapore.

As the wealthy target greater investment diversification and as business owners hand over the reins to successors, family offices are sprouting in the Asian financial hubs, taking advantage of incentives such as tax breaks and residency being offered.