Hong Kong emerges as a leading family office hub with over 2,700 single-family offices

Invest Hong Kong (InvestHK) has today confirmed Hong Kong’s position as a burgeoning nexus for family offices, with a Deloitte-commissioned study revealing the presence of over 2,700 single-family offices in the city. This revelation underscores Hong Kong’s allure as a top-tier destination for the wealth management of global family offices and affluent individuals.

Mr. Christopher Hui, Secretary for Financial Services and the Treasury, has stressed the government’s dedication to creating a nurturing ecosystem for family offices within the local market. “Over the past year,” Mr. Hui noted, “We have introduced a suite of measures as per our Policy Statement on Developing Family Office Businesses, aimed at bolstering Hong Kong’s comprehensive offerings to global wealth owners.” The insights from the market study are expected to guide future market development and promotional initiatives.

The study employed a robust statistical method, utilising a proprietary database of ultra-high net worth (UHNW) individuals and families, to arrive at the figure of over 2,700 single-family offices in Hong Kong. Furthermore, the study offers a stratified view, estimating the number of single-family offices against varying levels of wealth.

Given the distinct objectives and operations of single-family offices, the scope of the study did not include an examination of multiple-family offices, and the estimated number reflects only the single-family office segment.

With assets under management totalling HK$30.5 trillion (around US$3.9 trillion) as of the end of 2022, Hong Kong stands tall as one of Asia’s principal centres for asset and wealth management. The city plays host to over 12,500 UHNW individuals, topping the global charts and cementing its reputation as a prime location for establishing family offices.