Hong Kong Must Evolve to Attract Multifamily Offices, CUHK Report Finds

Hong Kong must enhance its financial ecosystem to attract more multifamily offices (MFOs), according to a white paper published by the Chinese University of Hong Kong’s Centre for Family Business. While over 2,700 single-family offices operate in the city, MFOs remain scarce and unranked on a global scale, the report noted.

The study urged the government to expand incentives and support services aimed at attracting skilled professionals capable of managing intergenerational family wealth. MFOs generate significant job creation and capital inflows, managing billions in assets and employing hundreds of staff.

Despite strong tax incentives and well-developed capital markets, Hong Kong must diversify beyond its traditional focus on property and strengthen its presence in sectors such as technology, artificial intelligence, and healthcare, said Mahesh Harilela, convenor of the Harilela Family Council.

To cement its position as Asia’s premier family office hub, Hong Kong should also target overseas Chinese and affluent families across the region, the report concluded.