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

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.