Hong Kong Aims to Become Global Hub for Family Offices Amid Generational Transition

Government initiatives and a shift towards impact investing are driving the growth of family offices in Hong Kong, as younger generations take the reins.

• Hong Kong is positioning itself as a global hub for family offices, private companies used by high-net-worth families to manage their investments and philanthropic interests, with a goal to host at least 200 family offices by the end of 2025.
• Family offices are increasingly focusing on impact investing, supporting new technologies and solutions to global challenges such as climate change and food security.
• Family offices in Asia are facing a generational transition, with younger members often reluctant to take over the family business and preferring to invest in funds or private equity.
• The Hong Kong government is supporting the growth of family offices with measures such as a revamped investment-migration scheme, tax concessions, and the establishment of art storage facilities at the airport.
• The management of family offices requires a bespoke approach, taking into account the unique culture and values of each family, as well as the rapidly changing economic and technical environment.

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