Ranked 3rd in the Global Financial Centres Index and long established as a regional financial hub, Hong Kong deserves its nickname “The New York of the East”.

As a strategic gateway, it offers tax incentives and flexible options for those ultra-high-net-worth families looking to take advantage of regional opportunities.  

Its proximity to mainland China is part of its appeal, and despite heightened geopolitical tensions, a recent visit confirmed that Hong Kong still delivers that free market ‘big money energy’.

And with attractive incentives available for family offices at a minimum asset threshold of US$30 million, it’s relatively accessible for families to pursue regional advantages.

In an ongoing fight with Singapore to attract migratory wealth, it's no surprise Hong Kong has built a well-developed family office ecosystem with multiple support resources.

So what do the professionals actively involved within the ecosystem have to say?

Angel Chia is the Executive Director at the Hong Kong Academy for Wealth Legacy (HKAWL), founded in 2023 as an institute dedicated to driving excellence and strengthening Hong Kong as a global family office hub.

With strategic input from prominent business families, leading professional experts and academics, HKAWL plays a key role within the ecosystem.

“The Academy focuses on knowledge and capacity-building as our chief value proposition to families," says Chia. "HKAWL aims to champion Hong Kong as the centre for excellence, the knowledge transfer hub for family legacy.“

What does this mean for families coming to the region?

“Foreign families can come to Hong Kong and be plugged in through HKAWL’s strong network of leading family Board Directors and Advisors, to leading family connections on the ground, not just in HK, but the extended local coverages our strong HK families possess.”

“Incoming foreign families can lean on a peer intelligence and peer review actively facilitated by HKAWL, to provide trusted feedback on potential counterparties for engagement.”

She emphasizes their connection with next-gen wealth owners to build an incubation and acceleration-style value proposition.

“HKAWL particularly thrives in next-gen empowerment. We lean on feedback and observation of the family business scions on areas of pain points to guide our content curation."

"We also actively create opportunities to showcase next-gens’ impactful pursuits, and help increase their impacts. Foreign family next-gens can come to Hong Kong to be equipped, and be supported towards their self-realization.”

As for Hong Kong's location benefits, Chia stresses the network effect of being amongst so many sizable families, along with the value of being in a market-led environment that aligns with entrepreneurs.

There is also the proximity to mainland China.

“It often shocks me just how foreigners still fail to appreciate how large China as a market still affords great opportunities for family businesses. Hong Kong is the only API for the world to China, and China to the world.”

Cameron Harvey, as Chief Executive Officer at Landmark Family Office, a Hong Kong-based private Multi-Family Office, echoes these sentiments.

“Hong Kong remains a unique bridge between East and West, while retaining a common law framework, low-tax regime and a world-class financial services ecosystem. For globally minded families, it’s a compelling hub for both investment diversification and regional expansion.”

Being located in Hong Kong means their clients typically have multi-jurisdictional interests.

“They come to us for long-term wealth preservation and capital growth, cross-border structuring, next-generation engagement and legacy planning.”

While multi-jurisdictional knowledge is essential, Harvey emphasizes that local expertise is equally important.

“A common misstep that we see is assuming Hong Kong operates like other global wealth centers without appreciating the local nuances, in particular, regulatory and cultural. It’s essential to navigate both the legal framework and the business etiquette with the right local guidance.”

Asked about challenges Hong Kong faces, he cites talent and recruitment as both a benefit and a challenge.

“The talent pool in financial services is strong, and there’s clear momentum from regulators to support the sector’s growth. That said, competition for qualified professionals is fierce, and the evolving compliance landscape requires agility and proactive governance.”

Hampton Tao, third-generation at Hong Kong family conglomerate New Heritage Group and responsible for alternative investments, also highlights this same conundrum.

“There’s a deep roster of financial, legal, and professional service providers; such professionals often possess East-West sensibilities, but there is a talent shortage, particularly in family office-specific advisory.”

Working in both a family business capacity and active within the next-generation family office community means Tao has a close-up view of how the ecosystem is evolving through The Great Wealth Transfer.

“Demand among next-gen for more innovative, tech-enabled, and impactful solutions outpaces current supply,” he says, adding that Hong Kong has untapped potential. “Opportunity exists for Hong Kong to leverage international exposure, lifestyle appeal, and cultural bridging, but more development is needed.”

From his experience, Asian family offices are newer (first or second generation) compared with those in the West, and usually less collaborative and diversified.

“Hong Kong family offices emphasize privacy, direct control, and cultural alignment; Western family offices are more open to multi-family structures and focus on diversified alternative investments.”

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