Hong Kong sees surge in family offices, Deloitte

Wealth management and family offices will be a key growth driver for Hong Kong as many prominent Asian families look to establish entities to manage their fortunes, Deloitte’s Asia-Pacific chairman Dennis Chow Chi-in said. The city’s strong capital market, bolstered by listings from mainland China and the region, is a major draw, Chow said in an interview. He noted a surge in inquiries from wealthy families seeking to set up family offices, particularly from the mainland and Southeast Asia. Since May, Hong Kong has introduced tax concessions for single family offices, which could expand to cover more investment products. In March, the government launched the Capital Investment Entrant Scheme, granting fast-track residency to individuals investing at least HKD30m in stocks, bonds, insurance and property.