Hong Kong boasts almost twice the number of family offices than its nearest rival Singapore, according to a newly published report.
The study commissioned by the Hong Kong government and published by Deloitte says there are currently 2,703 single family offices operating in the city.
Singapore currently has around 1,400 single family offices, based on a statement in parliament about tax incentives made by Singapore’s deputy prime minister Lawrence Wong.
Hong Kong’s capital markets, its proximity to the mainland China market, the rise of digital technology, and the untapped potential of emerging markets in Asia were all cited as factors in Hong Kong’s family office success by Rita Chan, Hong Kong government and public services leader at Deloitte China.
Hong Kong is also set to welcome one more family office to its shores.
Dubai royal family member Sheikh Ali Al Maktoum is planning to set up an office in Hong Kong with US$500 million of assets.
The office will invest in ventures focused on technology, including AI, fintech and electric vehicles.
The city is competing against Singapore, Dubai and other hubs to be a location for ultra-high net worth families and family offices. More than 130 family offices plan to set up or widen operations in
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