Recently, Union Bank of Switzerland (UBS) released Global Family Office Report 2024, which brings together the insights of 320 single family offices across seven regions of the world. The result shows that the Asia-Pacific region (APAC) looks set to be the top destination of added allocations in family offices globally.

According to this survey, the total net wealth of the family offices exceeded US$600 billion, with an average net wealth of US$2.6 billion. Meanwhile, APAC has the highest number of respondents of all regions. The result presents that global family offices have shown significant changes in investment in terms of regions, portfolios, and methods.

LH Koh, Head of UBS Global Family Institutional Wealth APAC, shared, “almost half of APAC family offices plan to allocate more assets to APAC over the next five years, with APAC set to be the top investment hotspot globally.” 

Indeed, Hong Kong’s family office market has been flourishing in recent years. Invest Hong Kong (InvestHK) announced on 18 March that according to the Market Study on the Family Office Landscape in Hong Kong conducted by Deloitte, commissioned by the department, it is estimated that there are more than 2,700 single-family offices in Hong Kong. Furthermore, if we count in the multiple family offices not being included in this survey, the total number of family offices in Hong Kong will be far more than 2,700. The details are set out below:

In recent years, the Hong Kong Government has keenly consolidated its status as a global family office hub and is determined to maintain an unrivalled position. To this end, the Government has introduced a series of policies and complementary measures to attract more ultra-high-net-worth individuals and families to set up family offices in Hong Kong.

The Government has put in place a series of measures to witness its thriving family office sector. As of February this year, the dedicated team of InvestHK has assisted 58 family offices to set up or expand their operations in Hong Kong, and more than 100 family offices indicated that they had decided or were preparing to set up or expand their operations in Hong Kong.

As a leading international centre and well-recognised wealth management centre, Hong Kong provides an enabling environment with many unique advantages for family offices to operate and grow. Being a gateway to the Chinese Mainland, Hong Kong offers outstanding potential for building a lasting family inheritance for business families from both the East and the West, becoming a preferred destination for family offices.