Hong Kong Family Office Growth Accelerates as City Sharpens Global Pitch

Hong Kong family office growth continues as regulators and wealth managers intensify efforts to serve increasingly sophisticated investors shifting allocations toward private markets and global diversification. The city now counts more than 2,700 single-family offices as of September 2025, after meeting its 2022 goal to attract at least 200, and aims to bring in another 220 between 2026 and 2028. Raffles Family Office, led by group CEO Chi Man Kwan, is expanding into the Middle East through UAE acquisitions, entering Rwanda, and adding senior bankers in Hong Kong. According to Julius Baer, Asia-Pacific high-net-worth individuals rose 5% to 855,000 in 2024 and are expected to drive 47.5% of new HNWIs between 2025 and 2028, with USD5.8 tr in wealth transferring by 2030.