Gov't sets up Hong Kong Academy for Wealth Legacy

The institute will focus on four key areas.

The government has established the Hong Kong Academy for Wealth Legacy (HKAWL), which will offer a full suite of programmes tailored to the upper echelon.

HKWAL aims to offer comprehensive support, insights and knowledge exchange on wealth management to draw global family offices and wealth managers to Hong Kong.

The institute will work on four key areas, including a flagship summit, a new capital investment entrant scheme, philanthropic and impact investing, and art storage facilities.

HKAWL is one of Hong Kong’s eight initiatives to develop the global family offices and asset owners ecosystem. Five of Asia’s richest families are part of the institute.

With the institute's establishment, Hong Kong expects a new wave of family offices as it remains a prime destination for wealth management business.

Hong Kong’s asset and wealth management industry is worth US$3.9t. 

Last year, family offices and private trusts contributed 17% of the private banking and private wealth management business in Hong Kong.