Hong Kong family offices surge 25% in two years as city benefits from global capital shifts
Hong Kong Financial Secretary Paul Chan said the city has over 3,300 single-family offices, up more than 25 per cent in two years. He attributed the growth to investors diversifying across markets amid higher interest rates and global uncertainty, and noted HK$388 billion raised in IPOs in the first
Hong Kong Financial Secretary Paul Chan said on 5 November that the government's policies to develop the private wealth management industry, including tax incentives for family investment, have gradually improved, with the number of single-family offices in the city exceeding 3,300, an increase of more than 25 per cent in two years.
Speaking at a summit organised by the Private Wealth Management Association, Chan said the global economy is being reshaped, with geopolitical factors affecting supply chains, the Middle East conflict driving up energy prices and inflation, and investment in new technologies, particularly artificial intelligence, contributing to higher interest rates.
He said higher interest rates and greater uncertainty are affecting the capital landscape. Investors are diversifying through cross-market and cross-currency allocation, and Hong Kong can clearly benefit from this. He noted that in the first nine months of this year, total deposits in Hong Kong's banking system rose by 7.7 per cent. During the same period, funds raised through initial public offerings in Hong Kong reached HK$388 billion, ranking second globally.
Chan also said mainland Chinese enterprises are going global, and Hong Kong serves as an important gateway and platform for them. In the first three quarters of this year, 116 companies listed in Hong Kong. He said the city has solid institutional safeguards, benefits from opportunities in the mainland and the region, and the government is committed to creating further opportunities.
