March 2, 2024

Hong Kong aims to attract family offices with “Wealth for Good” summit

hongkong family officeHong Kong financial district

Hong Kong has set an ambitious target of becoming a family office hub, and the “Wealth for Good in Hong Kong Summit” (WGHK) is a significant step in achieving this goal.

The summit is aimed at strengthening the city’s connections with global family offices and attracting more of them to establish or expand their operations in Hong Kong.

The local government is taking several steps to create a conducive environment for family offices, including offering tax concessions and creating a favourable policy framework. This report explores what the WGHK means for family offices and the potential implications of Hong Kong’s ambition to become a family office hub.

Table of Contents

Key themes

The WGHK summit will focus on four key themes: technology, art, green development, and philanthropy. These themes are critical to the future of family offices, and the summit will offer valuable insights into how family offices can leverage these themes to create long-term sustainable investments.

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Technology is an essential tool for family offices, enabling them to manage and analyze vast amounts of data to make informed investment decisions.

Art is a growing asset class, and family offices can benefit from investing in this space. Green development is critical to addressing the challenges of climate change, and family offices can play a vital role in promoting sustainable investments.

Finally, philanthropy is an integral part of many family offices, and the summit will offer insights into how they can maximize their impact.

One of the key policy objectives is to offer tax concessions for qualified family offices, making Hong Kong an attractive destination for them. Additionally, the government is creating a favorable policy framework to encourage family offices to establish a presence in the city.

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The Chief Executive of Hong Kong, John Lee, has set a target of attracting at least 200 family offices to establish or expand their operations in Hong Kong by the end of 2025. This target is ambitious but achievable, given Hong Kong’s strategic location, favorable tax policies, and growing economy.

Opportunities

The WGHK summit offers several implications for family offices. Firstly, it provides an opportunity for them to connect with global decision-makers and explore investment opportunities in Hong Kong. Hong Kong’s strategic location and favorable tax policies make it an attractive destination for family offices looking to establish a presence in Asia.

Secondly, the summit’s focus on technology, art, green development, and philanthropy provides valuable insights into how family offices can create long-term sustainable investments. Finally, Hong Kong’s ambition to become a family office hub offers several benefits, including access to a highly skilled workforce, a stable political environment, and a supportive policy framework.

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The “Wealth for Good in Hong Kong Summit” is a significant step in Hong Kong’s ambition to become a family office hub. The summit’s focus on technology, art, green development, and philanthropy provides valuable insights for family offices looking to create sustainable investments.

Additionally, Hong Kong’s favorable tax policies, strategic location, and supportive policy framework make it an attractive destination for family offices looking to establish a presence in Asia.

The local government’s target of attracting at least 200 family offices to establish or expand their operations in Hong Kong by the end of 2025 is ambitious but achievable, given the city’s strengths. Overall, the WGHK summit is a positive development for family offices and highlights the potential benefits of establishing a presence in Hong Kong.

By Adam Schilling

Adam Schilling is a finance reporter at Fund23, with a wealth of experience covering the financial industry. With a passion for uncovering insights and trends that impact the world of finance, Adam is a highly respected journalist with a reputation for delivering accurate and thought-provoking content.

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