«Big four» firm Deloitte has published a study on the number of single family offices in Hong Kong. The figure places the city as a leading hub for the ultra-rich in Asia.
As of 31 December 2023, Hong Kong had 2,703 single family offices (SFO), according to a market study by Deloitte. The study was commissioned by FamilyOfficeHK, an arm of InvestHK which is a government department focused on promoting Hong Kong as a leading global hub.
The study includes a breakdown of the number of SFOs by wealth tier. The tiers include $10-30 million (535 family offices), $30-50 million (601), $50-100 million (682) and over $100 million (885).
Competitive Advantages
According to Deloitte China Hong Kong government & public services industry Leader Rita Chan, flexibility was the most oft-cited advantage for family offices to set up in the city. Other benefits include the depths and innovation of Hong Kong's capital markets, its proximity to the mainland market and global connectivity.
«A competitive tax regime is often considered a key factor in a family office's evaluation process to decide where to set up shop,» said Deloitte private Hong Kong leader Anthony Lau, adding that the introductions of various measures have led to «a sharp increase in interest and inquiries» on establishing an SFO in the city.
Rival Hub
In comparison, Singapore – Hong Kong’s top rival hub in Asia – has awarded tax incentives to about 1,400 SFOs as of end-2023, up from 1,100 at the end of 2022.
Meanwhile, Hong Kong will look to further expand the market with chief executive John Lee announcing a goal of attracting another 200 SFOs by 2025.
