Hong Kong launches task force to reinforce asset, wealth hub stats

Hong Kong's assets under management exceeded $31t by the end of 2023.

The government has launched the Task Force on Promoting the Development of Asset & Wealth Management (WAM), chaired by Secretary for Financial Services & the Treasury Christopher Hui. 

Aligned with the 2024 Policy Address goals, the task force aims to reinforce Hong Kong’s status as a global asset and wealth management hub, consulting the industry on potential tax incentives for qualifying transactions involving funds and single-family offices.

Hong Kong's asset and wealth management sector remains robust, with assets under management exceeding $31t by the end of 2023 and approximately $390b in net fund inflows, showing a 3.4% year-on-year growth. Hui noted that a significant proportion of this funding comes from international investors, reflecting continued global confidence in Hong Kong’s financial market.