Hong Kong Family Office

Hong Kong Family Office Guide

There is a great deal of wealth being created in China and a huge percentage of that is finding its way to Hong Kong.  In Asia, there are two main family office locations: Singapore and Hong Kong.  In this guide, we will cover Hong Kong Family Offices.

The following free guide to Hong Kong Family Offices will help you better understand Hong Kong family offices and provide you with resources to learn more about Hong Kong.  You should also check out our 100% free book on family offices.

Introduction to Hong Kong

Hong Kong is one of the biggest financial capitals in the world and it serves the financial center for Asia.  Hong Kong is a city-state on China’s southern coast that is home to more than 7 million people, mostly ethnic Chinese.  While many parts of China are not entirely capitalistic, Hong Kong operates under a different governance than the rest of China and has fully embraced free-market capitalism.  In fact, Hong Kong is one of the major international financial centers with many businesses establishing their Asian headquarters in the city.  Like most family office locations, Hong Kong has relatively low taxes and is very friendly to wealthy families, wealth managers and high-net-worth individuals.

Why Hong Kong?

Hong Kong is a very popular destination for family offices because there is so much wealth concentrated in the city.  Among the other Asian financial capitals, Hong Kong residents on average have the greatest amount of disposable income and the second-highest GDP per capita, showing how much money is in the city.  In Asia, Hong Kong is second only to India in the net worth of its population and the number of billionaires (28).  It is estimated that Hong Kong has 90,000 high-net-worth individuals and 1,300 ultra-high-net-worth individuals. There is also a great deal of interest from corporations in Hong Kong because it gives firms access to China and the surrounding Asian markets, so there is a strong incentive for wealthy executives and families to move to China.

Family Offices in Hong Kong

As the preceding section illustrates, there is a high concentration of wealth in Hong Kong.  This wealth means that there is also a high number of family offices operating in the city.  Unlike Tokyo, Hong Kong allows standard family offices to operate in the city and it is one of the most popular locations in Asia for family offices.  Hong Kong has the highest concentration of ultra-high-net-worth individuals in Asia making it a very attractive location for family offices that want access to the big pool of potential family office clients.

Most Asian single family offices are located in either Hong Kong or Singapore.  Hong Kong is the most popular destination for multi-family offices in Asia.  This can largely be attributed to the city’s long-standing reputation as a financial capital and the fact that most residents are already well-accustomed to wealth managers and financial advisers, unlike some other newer financial capitals in the region.

In Asia, the concept of a family office is still evolving, but new family offices are being formed monthly in Asia and Europe so it can be assumed that there are a growing number of family offices in Hong Kong.  It is expected that in the coming years the majority of Asian family offices will continue to be in Hong Kong and Singapore.  Many experts expect that wealthy individuals and families will transfer their wealth from Taiwan, Vietnam, the Philippines and India to Hong Kong.  So, there will undoubtedly be more family offices set up in Hong Kong to serve the ultra- and high-net-worth individuals and families in the city.

Hong Kong Family Office Resources Guide

Hong Kong Family Office Resource #1:  Here’s an article on the Family Office Association’s venture into Hong Kong.

Hong Kong Family Office Resource #2: If you are looking for contact details of family offices places such as Hong Kong you may want to consider using a Family Offices Database.  A Family Office Database provides you with the complete contact details for 100’s or sometimes even up to 1,000 global single and multi-family offices within an easy to use Excel spreadsheet format.  Learn more about this by clicking here.

Hong Kong Family Office Resource #3:  VP Bank has conducted a great study on family offices in Asia that is worth reading.  There is a good amount of attention given to Hong Kong family offices including background on the economy and financial sector as well as the environment for Hong Kong family offices.  Click here to download the PDF.

Hong Kong Family Office Resource #4:  Here is an article about Citi Private Bank’s effort to launch an Asian family office and the naming of its Hong Kong head.

Hong Kong Family Office Resource #5:  The Family Wealth Report put out a report titled “As Chinese Wealth Flourishes, Opportunity Emerges For The Family Office” that has a focus on Hong Kong and family offices.

Hong Kong Family Office Resource #6: The 9th Annual Asian Pacific Family Office conference takes place every year in Hong Kong.  Here is a brochure.

Are you an employee or manager of a family office in Hong Kong?  Then we’d like to keep in touch with you.  Simply send us an email at Richard@RichardWilsonCapital.com

Be sure to check out FamilyOffices.com for our family office database and our free book on family offices.

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Tags: Hong Kong Family office, Hong Kong Family offices,  Hong Kong family offices guide, guide to Hong Kong family offices, family offices in Hong Kong , Hong Kong finance, Hong Kong wealth management

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