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Hong Kong plays catch-up to Singapore in fierce battle for family offices

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Angela Tan

Angela Tan

Published Fri, Mar 3, 2023 · 06:00 PM
    • Lennon Lee of PwC Singapore says that the Hong Kong government is eager to introduce measures and schemes that Singapore has earlier implemented to some success, in particular on the family offices space in the asset and wealth management industry.
    • Lennon Lee of PwC Singapore says that the Hong Kong government is eager to introduce measures and schemes that Singapore has earlier implemented to some success, in particular on the family offices space in the asset and wealth management industry. PHOTO: PWC

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    HONG Kong is pulling all stops in its latest budget to attract the world’s richest family offices as it battles Singapore’s rising appeal to the super wealthy.

    In the first budget presented since Hong Kong’s emergence from the Covid-19 pandemic and resumption of quarantine-free travel with mainland China and the world, Financial Secretary Paul Chan said that HK$100 million (S$17.2 million) has been allocated to InvestHK over the next three years to attract more family offices to Hong Kong.

    Come late March, the Special Administrative Region of China will host an invitation-only “Wealth for Good in Hong Kong” summit for some of the wealthiest in the world. Among those targeted are the biggest family funds in the Middle East, China, and a smaller number from the US and Europe.

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