HK exceeds family office target ahead of schedule

Over 200 family offices set up or expanded in the region.

Hong Kong has attracted more than 200 family offices with the support of Invest Hong Kong (InvestHK), the Financial Services and the Treasury Bureau (FSTB) said.

The figure surpasses the government’s target, set in the 2022 Policy Address, of facilitating at least 200 family offices by the end of 2025.

Officials said the achievement confirms the city’s position as Asia’s leading cross-border wealth management hub.

The FSTB rolled out eight policy measures in March 2023 to boost the sector, including tax concessions, the New Capital Investment Entrant Scheme and the Hong Kong Academy for Wealth Legacy.

InvestHK’s FamilyOfficeHK team also expanded services to support market entrants.

The 200 offices recorded only cover those assisted by InvestHK, not those established independently or through local professional services.

Secretary for Financial Services and the Treasury Christopher Hui said the milestone demonstrates Hong Kong’s competitive edge. He added the government will refine tax regimes for funds, single family offices and carried interest to sustain growth in the sector.