Hong Kong Launches Family Office Hub, Promote Hong Kong to Family Offices Worldwide
16th July 2021 | Hong Kong
Invest Hong Kong (InvestHK) has launched a family office hub in Hong Kong with the opening of a new office for the “FamilyOfficeHK” team in Hong Kong. The new office will hold family office seminars and meet with family offices or ultra-high net worth individuals interested in developing a foothold in Asia. The “FamilyOfficeHK” team will also work closely with the local industry such as family office services & private banks and relevant government departments. The “FamilyOfficeHK” team is based in Hong Kong, Mainland China and Europe, and can provide assistance to family offices intending to setup family office, investments or businesses in Hong Kong.
” Hong Kong Launches Family Office Hub, Promote Hong Kong to Family Offices Worldwide “
The Hong Kong Family Office Hub, New Office
The “FamilyOfficeHK” new office in Hong Kong is located in Admiralty, near Central and its cluster of family offices, providing a convenient location to serve family office clients. At the new office, there will be family office seminars, family office services, and meetings with family offices or ultra-high net worth individuals interested in developing a foothold in Asia.
Many of the world’s richest set up family office or investment firm in Hong Kong to manage their assets and investments, and to gain entry into mainland China. With China’s wealth growing tremendously and producing the world’s fastest growing billionaires such as Jack Ma, Chinese billionaires and UHNWs are also using Hong Kong to manage their assets and to invest worldwide.
Family Office:
- Association of Family Offices in Asia Launches Philanthropy & Sustainability Missions Group for Family Offices
- New Multi-Family Office in Hong Kong, MSI Finance Management Launched by 26-Year-Old Mario Ho
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
Hong Kong
Hong Kong is one of the world’s leading financial centre and is ranked #4 in the 2021 Global Financial Centres Index 29 Report (New York, London, Shanghai, Hong Kong). Hong Kong stock exchange is the most vibrant international stock exchange in Asia, the leading destination for capital and IPOs and is ranked #4 in the world (NYSE, NASDAQ, Shanghai Stock Exchange, Hong Kong Exchange, Japan Exchange Group).
Hong Kong is also the leading financial hub in Asia to many major banks and investment firms in the world, providing access to Asia and is the main gateway to Mainland China, the 2nd largest economy with $14.3 trillion GDP in 2020, representing 16.34% of global GDP ($87.7 trillion). Hong Kong is also part of the Greater Bay Area (GBA), comprising of 3 territories of China – Guangdong (includes Shenzhen, Guangzhou), Hong Kong and Macao. In the 2020 report released by The Hong Kong Financial Services Development Council (FSDC), the Greater Bay Area has a total population of 71.2 million, GDP of $1.64 trillion and GDP per capita of $23,075.
Related:
- 2020 Top 10 Stock Exchange in the World
- The 2021 Global Financial Centres Index 29
- The 2021 Global Financial Centres Index 29 – Full Ranking
- The 2021 GFCI 29 Report
- 2020 Top 10 Largest Economy in the World by GDP
- 2020 Top 50 Largest Economy in the World by GDP
Family Offices
Family offices manage assets of the wealthiest people in the world. In 2020, there are about 2,800+ billionaires, 290,000 UHNWs and 15,000+ family offices worldwide. Billionaires and UHNWs setup family offices, with assets ranging from $300 million to $3 billion, and some with more than $10 billion assets. Newer family offices are also setting up family offices with $20 million to $100 million.
2020 Family Office Series Interviews:
- Interview with Dixon Wong, Head of Financial Services at InvestHK
- Interview with Sylvene Fong and Jackey Tse of KPMG China
- Interview with Shantini Ramachandra, Southeast Asia Tax Leader of Deloitte Private
- Interview with Cem A. Azak, Executive Chairman of Crossinvest
- Interview with Richard Grasby, Founder of RDG Fiduciary
Director-General of Investment Promotion at InvestHK, Stephen Phillips:
“The family office business has flourished in recent years, becoming an important growth segment in the wealth and asset management industry. The establishment of our FamilyOfficeHK team is a milestone in InvestHK’s endeavour in promoting Hong Kong as an ideal location in which Hong Kong and overseas-based enterprises can set up a family office presence.
I believe that the team will further promote Hong Kong’s unique advantages and offer one-stop services to family offices that are interested in setting up a base in Hong Kong, and consequently reinforce Hong Kong’s position as a prime family office hub in Asia.”
Head of Financial Services and Global Head of Family Office at InvestHK, Dixon Wong:
“We hope that the establishment of FamilyOfficeHK will cement Hong Kong’s position as one of the most sought-after family office hubs in Asia.
The unique advantages of Hong Kong – namely our connectivity with China and the world, effective legal system and strong foundation for our private wealth management industry, plus continuous support by the Hong Kong Special Administrative Region Government – add up to create a very conducive environment for family offices to develop in Hong Kong.”
Family Office:
- Association of Family Offices in Asia Launches Philanthropy & Sustainability Missions Group for Family Offices
- New Multi-Family Office in Hong Kong, MSI Finance Management Launched by 26-Year-Old Mario Ho
- HSBC Private Bank Gives Family Office in Asia Access to Investment Bank and Private Deals
- Credit Suisse, UBS, Nomura, MUFJ and Morgan Stanley Losses for Archegos Family Office Nears $10 Billion
- Samsung Heirs Lee Jae-Yong and Family to Pay $10.7 Billion in Inheritance Tax from $22 Billion Estate
Billionaires:
- British Fintech Wise IPO Creates 2 New Billionaires with $3.55 Billion
- China Premium Tea Nayuki IPO in Hong Kong, Creates 2 New Billionaires with $1.1 Billion Each
- Didi Global IPO Creates 2 New Self-Made Billionaires, Founder Will Cheng Wei with $4.4 Billion
- Billionaire Warren Buffett Resigns from Bill and Melinda Gates Foundation, $49 Billion Endowment
- United States Billionaires Tax Leak, Top 25 Pays 3.4% in Tax Rate from $401 Billion Fortune
- Didi Chuxing IPO Creates 2 New Self-Made Billionaires, Founder Will Cheng Wei with $7 Billion
- Billionaires Bill Gates & Melinda Divorce, $150 Billion Assets
- Billionaire James Dyson Switches Residency Back to UK from Singapore
- South Korean Billionaire & Chairman of Kakao Kim Beom-Su to Give More than Half His $10 Billion Fortune Away
- Billionaire & Google co-Founder Sergey Brin Setup Family Office in Singapore
Related:
- 2020 Top 10 Largest Family Office in the World
- 2020 Top 10 Largest Multi-Family Offices in the World
- 2020 List of International Private Banks in Hong Kong
- 2020 List of International Private Banks in Singapore
InvestHK
InvestHK’s vision is to strengthen Hong Kong’s status as the leading international business location in Asia. Our mission is to attract and retain foreign direct investment which is of strategic importance to the economic development of Hong Kong.
We work with overseas and Mainland entrepreneurs, SMEs and multinationals that wish to set up an office – or expand their existing business – in Hong Kong. We offer free advice and services to support companies from the planning stage right through to the launch and expansion of their business.
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