Hong Kong is positioned to experience growth as a family office hub, according to a Knight Frank report citing factors such as changes in legislation and new barriers in rival hubs.
Hong Kong has been making headlines as of late for its concerted efforts to lure family offices. It announced its goal in 2023 of attracting at least 200 new family offices by 2025. In April this year, local authorities said that 136 family offices are planning to set up or expand operations in the city.
«Amidst ongoing turbulence, changes in legislation, and subsequent new barriers for family offices in other locations, we anticipate that Hong Kong’s position as a global hub for family offices will continue to grow,» said Ho-Pin Tung, head of private office at Knight Frank Hong Kong, in a new report.
Emerging Wealth Hubs
In the Knight Frank report entitled «Rise of the Super Wealth Hub», five financial centers – Dubai, Singapore, Hong Kong, Shanghai and Sydney – were rated for their performance from 0 to 1 based on six core areas. They include urban prosperity, governance & talent, legal framework, enterprise excellence, lifestyle and opulence.
Compared to rival hubs, Hong Kong had the top rating in urban prosperity (0.85) while performing relatively poorly in terms of lifestyle (0.54). It was around the middle of the pack in the other factors.
«Hong Kong has a long-standing and proven history as a global financial hub,» Tung added. «The city’s connectivity to the Chinese mainland, robust infrastructure, and extensive experience with legislation and compliance have fostered stability, making it an attractive destination for family offices to establish themselves.»
