Hong Kong eyes Europe’s wealthy with London, Paris, Milan on family office agenda
2024-11-17
Hong Kong’s investment promotion agency has launched a charm offensive tour to Europe, with the aim of attracting high-net-worth individuals to set up family offices in the city.
A top InvestHK official, Charles Ng Siong-kwong, set off on Sunday and will visit various major European cities over the coming week, including London, Milan, Lugano and Paris, to meet family office representatives in the region and speak at a finance forum to promote the city.
“Our commitment to fostering a business-friendly environment, combined with our robust financial infrastructure, makes Hong Kong the ideal destination for investors seeking to diversify their portfolios and capitalise on the significant growth potential in Asia,” said Ng, InvestHK’s associate director general of investment promotion.
A government spokesman said ultra-high-net-worth individuals in Europe were increasingly facing an uncertain tax environment. Many were shifting their wealth management focus to Hong Kong, drawn by its more favourable tax policies and leading wealth management position in Asia, he said.
Hong Kong has been keen to attract high-net-worth family offices in recent years, with a government arm holding a three-day summit in September.
Hong Kong was home to about 2,700 single-family offices, with over half of them founded by individuals whose wealth exceeded US$50 million, Lee told the forum.
A recent Deloitte report suggested the number of Asia-Pacific single-family offices is expected to surge by 40 per cent to 3,200 by 2030, outpacing all regions globally.
Besides meeting family office representatives and potential clients to discuss their investment strategies and plans to establish a presence in the city, Ng would also speak about the wealth management landscape and Hong Kong’s economic attractiveness for family offices at the Lugano Finance Forum in Switzerland.
He will also meet the Fondation de France, an independent agency set up by the French government to foster private philanthropy, to boost the city’s ties with such organisations and family offices in the region.
Ng’s trip was announced as more than 100 overseas, mainland Chinese and local business attended the principals-only 2024 Family Business Summit in Hong Kong. The 1½-day event this weekend was organised by the South China Morning Post and Blue Pool Capital with JPMorgan as the presenting partner.
Sources: SCMP
