Hong Kong steps up efforts to lure billionaires to set up family offices

HONG Kong officials are planning roadshows across the Middle East, Europe, South-east Asia and the Chinese mainland to lure the super-rich to set up family offices in the city, as part of a strategy to bolster its position as an international asset and wealth management hub.

The move comes as Hong Kong tries to reboot its image and economy, which have suffered as a result of strict Covid policies and an exodus of tech and financial talent. The city recently lost its title as Asia’s top financial centre to Singapore in the Global Financial Centres Index released in September, which ranks the competitiveness of the world’s leading financial centres.

Family offices are privately held companies that manage the investments, tax affairs and even lifestyles of ultra-high-net-worth individuals and their families. Collectively, they oversee trillions of dollars, and have become a growing force in financial markets.