Financial Secretary Paul Chan Mo-po said the administration has assisted 58 family offices to start or expand their businesses in Hong Kong and more than 100 others have decided or preparing to come to the city.

Writing in his blog, he also revealed that 400 participants will join the Wealth for Good in Hong Kong Summit on Wednesday.

The summit, which aims to attract global family offices, has attracted renowned speakers including David Wertheimer of the Chanel family and former NBA player Dwyane Wade.

A Deloitte survey shows that there were more than 2,700 single-family offices based in the city last year, of which nearly 900 had at least US$100 million (HK$780 million) in assets.

Chan also expects more tech firms will come to Hong Kong after nearly 50 such companies have signed agreements to set up or expand their presence in the city.

Chan noted that one-fifth of these companies came from Europe and the United States.

Last week, the SAR signed agreements with the second batch of 19 strategic enterprises, including five US firms and 14 mainland companies including artificial intelligence-powered robot maker Ubtech Robotics (9880).

The first two batches will invest over HK$40 billion and generate 13,000 jobs in the city.

Sources: The Standard