Hong Kong Academy for Wealth Legacy Hosted 3-Day Legacy Summit Fall Edition 2024 from 12th to 14th September 2024 Attended by 140 Family Offices & Asset-Owners, 2,700 Single Family Offices in Hong Kong with More than 50% with Above $50 Million AUM, Key Highlights Include Showcasing of Works by Fondation de France Asia & Institute of Philanthropy, Workshop with Bill & Melinda Gates Foundation, Business Panel Comprising of Sun Hung Kai Properties Executive Director Adam Kwok, Sino Group Deputy Chairman Daryl Ng & New World Development Vice-Chairman & CEO Dr Adrian Cheng, Hong Kong Financial Secretary Paul Chan Hong Kong Highlighted Hong Kong Tax Benefits for Family Offices with No Sales Taxes, No Value-added Tax, No Capital Gains Taxes, No Estate Duties, No Taxes on Dividends or Interest Earned, No Withholding Tax on Investments
17th September 2024 | Hong Kong
The Hong Kong Academy for Wealth Legacy (HKAWL) has hosted the 3-day Legacy Summit fall edition 2024 from 12th to 14th September 2024, attended by 140 family offices & next-generation asset-owners. In Hong Kong, there are around 2,700 single family offices with more than 50% of family offices with above $50 million AUM. Key highlights of the summit include showcasing of works by Fondation de France Asia & Institute of Philanthropy, a workshop with Bill & Melinda Gates Foundation, and business panel comprising of Sun Hung Kai Properties Executive Director Adam Kwok, Sino Group Deputy Chairman Daryl Ng & New World Development Vice-Chairman & CEO Dr Adrian Cheng. Hong Kong Financial Secretary Paul Chan Hong Kong in his speech, highlighted Hong Kong tax benefits for family offices with no sales taxes, no value-added tax, no capital gains taxes, no estate duties, no taxes on dividends or interest earned, no withholding tax on investments. HKAWL (16/9/24) – The Hong Kong Academy for Wealth Legacy (HKAWL)’s flagship Legacy Summit successfully concluded on September 14, following three days of insightful sessions facilitating global family offices to build lasting legacies, supported by the Global Family Office of Invest Hong Kong. Attesting to Hong Kong’s continued strength as a hub for family offices, the highly anticipated peer-to-peer event attracted over 140 local, Chinese mainland and international family principals, next-gen asset owners and single-office leadership, who engaged in dialogue ranging from family governance, philanthropy and impact investing, to innovation.
“ Hong Kong Academy for Wealth Legacy Hosted 3-Day Legacy Summit Fall Edition 2024 from 12th to 14th September 2024 Attended by 140 Family Offices & Asset-Owners, 2,700 Single Family Offices in Hong Kong with More than 50% with Above $50 Million AUM, Key Highlights Include Showcasing of Works by Fondation de France Asia & Institute of Philanthropy, Workshop with Bill & Melinda Gates Foundation, Business Panel Comprising of Sun Hung Kai Properties Executive Director Adam Kwok, Sino Group Deputy Chairman Daryl Ng & New World Development Vice-Chairman & CEO Dr Adrian Cheng, Hong Kong Financial Secretary Paul Chan Hong Kong Highlighted Hong Kong Tax Benefits for Family Offices with No Sales Taxes, No Value-added Tax, No Capital Gains Taxes, No Estate Duties, No Taxes on Dividends or Interest Earned, No Withholding Tax on Investments “
16th September 2024 – The Hong Kong Academy for Wealth Legacy (HKAWL)’s flagship Legacy Summit successfully concluded on September 14, following three days of insightful sessions facilitating global family offices to build lasting legacies, supported by the Global Family Office of Invest Hong Kong. Attesting to Hong Kong’s continued strength as a hub for family offices, the highly anticipated peer-to-peer event attracted over 140 local, Chinese mainland and international family principals, next-gen asset owners and single-office leadership, who engaged in dialogue ranging from family governance, philanthropy and impact investing, to innovation.
Impact Link Showcase Debut – Empowering Families to Amplify Impact – The Summit kicked off with an engaging reception on September 12, where Impact Link (iLink) made its debut showcase to the Summit delegates. Strategic Partners of iLink including Fondation de France Asia, Institute of Philanthropy empowered by The Hong Kong Jockey Club and Yidan Prize Foundation shared sample projects or illustrations of their work, encouraging asset owners to join forces in scaling up impact. As a depository of worthy charitable projects, iLink seeks to connect donors with impactful projects, and allow families to maximize the power of their catalytic capital. It will list projects nominated and vetted by its Strategic Partners in phases. Eligible donors can access information of the projects on the platform. The debut showcase demonstrated HKAWL’s commitment to impactful legacy building. In conjunction with the Legacy Summit, the Academy also co-hosted a closed-door philanthropy workshop in collaboration with the Bill & Melinda Gates Foundation. The exclusive event provided a unique opportunity for asset owners and family offices to embark on a transformative journey of giving, challenging the participants to explore ways to be collaborative and strategic in approaching philanthropy and impact.
Hong Kong – a Prime Destination to Realise Sustainable Legacies – The main Summit took place on September 13. Themed “Holistic Legacy: Consideration of Family Legacy, Business and Office”, it explored strategies for implementing comprehensive governance approaches across family, family business and family offices. It served as a unique peer-only platform for dialogue on effective intergenerational wealth management and creation of impactful and sustainable legacies.
- The Honourable Paul MP Chan, Financial Secretary of the Hong Kong SAR Government, graced the occasion as the Guest of Honour. Mr Chan highlighted Hong Kong’s unique advantages for building legacies, “With our institutional advantages, favourable government policies, a vibrant asset and wealth management sector, talent, lifestyle, and an extensive philanthropic network and projects, Hong Kong stands as the premier platform to realise your aspirations and legacies.”
- Dr Adrian Cheng, Chairman of the HKAWL, urged families and asset owners to leverage Hong Kong’s unique role as a regional wealth hub with unparalleled global access. He stated, “With our rich heritage in serving Asia’s wealthiest since the 1940s …… nowhere in Asia is there a city that better understands the importance of legacy, and the value of building connectivity with the world.”
- Panels – A panel discussion titled “Hong Kong as Family Business Nexus”, featured Hong Kong’s leading business family representatives including Mr Adam Kwok, Executive Director of Sun Hung Kai Properties, and Mr Daryl Ng, Deputy Chairman of Sino Group, with Dr Adrian Cheng, Executive Vice-Chairman and CEO of New World Development, as moderator. Each panellist shared his family experience in building and preserving the family legacy, and each offered a unique vantage point of how Hong Kong anchor for family businesses has evolved and encouraged attendees to view Hong Kong not just as a market, but as a pivotal nexus for growth, innovation, and family legacy continuation. Another panel focused on the “Future of Innovation”, with prominent founders including Mr Eric Gnock Fah, President & Co-Founder of Klook, Prof Samuel Au, Founder & CEO of Cornerstone Robotics, Mr Wei Liu, Co-Founder & CEO of BioMap, and Mr Wes Ng, CEO & Co-Founder of CASETiFY, moderated by Ms. Gita Sjahrir, Head of Investments of BNI Ventures from Indonesia. The panel shared their experiences in founding, scaling and investing in businesses centred around and driven by continuous innovation, providing insights into emerging technologies and entrepreneurial strategies that can serve as reference for families’ continuous cycles to further enduring legacies.
- During the Legacy Summit, “Family Governance Roundtable Discussions” facilitated by seasoned practitioners in family advisory provided a space for participants to engage in meaningful dialogue and experience sharing around developing effective family governance structures.
- Delegates marvelled at Hong Kong’s rich arts and cultural establishments through multiple guided tours of the M+ Museum and K11 Museum, after a presentation by the West Kowloon Cultural District that provided insight into the development of this multi-year cultural, lifestyle, and business district. The success of the HKAWL Legacy Summit demonstrates Hong Kong’s continued ability to convene decision makers from across the global family business landscape and provides a nurturing and effective operating environment for creating impact and long-lasting legacies.
Hong Kong Academy for Wealth Legacy Hosted 3-Day Legacy Summit Fall Edition 2024 from 12th to 14th September 2024 Attended by 140 Family Offices & Asset-Owners, 2,700 Single Family Offices in Hong Kong with More than 50% with Above $50 Million AUM, Key Highlights Include Showcasing of Works by Fondation de France Asia & Institute of Philanthropy, Workshop with Bill & Melinda Gates Foundation, Business Panel Comprising of Sun Hung Kai Properties Executive Director Adam Kwok, Sino Group Deputy Chairman Daryl Ng & New World Development Vice-Chairman & CEO Dr Adrian Cheng, Hong Kong Financial Secretary Paul Chan Hong Kong Highlighted Hong Kong Tax Benefits for Family Offices with No Sales Taxes, No Value-added Tax, No Capital Gains Taxes, No Estate Duties, No Taxes on Dividends or Interest Earned, No Withholding Tax on Investments
13th September 2024 – Speech by FS at HKAWL Legacy Summit Fall Edition
Following is the speech by the Financial Secretary, Mr Paul Chan, at the HKAWL Legacy Summit Fall Edition today (September 13):
Adrian (Chairman of Hong Kong Academy for Wealth Legacy, Dr Adrian Cheng), distinguished guests, ladies and gentlemen,
Good afternoon. I am delighted to join this Fall Edition of the Legacy Summit organised by the Hong Kong Academy for Wealth Legacy.
Let me first join Adrian to extend a very warm welcome to all our guests coming from the ASEAN (Association of Southeast Asian Nations) countries and beyond.
I’m sure this gathering, featuring insightful panel discussions and dialogues on the governance and investment strategies of family businesses and family offices, will enrich our perspectives and inspire new thoughts on how family offices like yours may thrive.
The global growth of family offices is evident, with Asia emerging as both a source of family offices and a destination of their investments. Some estimates suggest that 42 per cent of global wealth resides in Asia. In fact, according to a UBS Report released earlier this year, more than a third of the family offices worldwide intend to boost their asset allocation in the Asia-Pacific region in the next five years.
Hong Kong is committed to fostering a vibrant ecosystem for family offices. We host around 2 700 single family offices in the city, over half of which manage assets of over US$50 million. And we are working to attract more.
Hong Kong’s strategic location and unique value proposition make it an ideal gateway for family offices looking to capture the opportunities in this part of the world. Under the “one country, two systems” arrangement, we practise common law, with a judiciary exercising powers independently; maintain the free flow of capital, talent, goods and information, and a freely convertible currency pegged to the US dollar; we adhere to the best international business practices. Together with our proximity to rapidly growing Asian markets, a robust regulatory framework, a rich talent pool, an open and multicultural environment, rich cultural offerings and top class education, we are attracting investors and executives from near and far.
Hong Kong also offers a competitive tax regime for family offices. We have no sales taxes, no value-added tax, no capital gains taxes, no estate duties, no taxes on dividends or interest earned, and no withholding tax on investments. Simply put, doing business in Hong Kong is not a taxing situation at all.
To facilitate the activities of family offices, we have also put in place tax concessions for family-owned investment holding vehicles managed by single family offices in Hong Kong.
Most, if not all, family offices aim for more than just financial returns. Having met many family principals and executives in person, I understand how deeply you care about the collective good of our society and the well-being of our planet. You are keenly interested in making impact investments. Globally, 44 per cent of family offices are taking sustainability or impact into account in their liquid investment portfolios, while 45 per cent are making direct investments in green tech or other sustainability-related ventures. However, Asia receives just 14 per cent of global impact investments.
Yes, each of you holds a unique position of influence and power to drive positive change through your philanthropic endeavours. It is about leaving a lasting legacy, making a tangible difference in the world, and shaping a better future for generations to come. Here in this city, international foundations, charitable organisations, and NGOs gather, forming a vibrant philanthropy network. We are committed to partnering with you to advance this worthy cause.
In this connection, I’m pleased to note that the Academy will launch the “Impact Link” later this year, which will serve as a dynamic repository platform of high-potential and high-social impact charitable programmes accessible to philanthropists from around the world. For this, I extend my gratitude to the Academy, and our partners at home and from abroad, for delivering this project.
Ladies and gentlemen, with our institutional advantages, favourable government policies, a vibrant asset and wealth management sector, talent, lifestyle, and an extensive philanthropic network and projects, Hong Kong stands as the premier platform to realise your aspirations and legacies.
I would like to thank the Hong Kong Academy for Wealth Legacy for hosting this Summit. I wish you all a rewarding event and the best of health and business in the years to come. Thank you very much.
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