Family offices of the future: Hong Kong’s new economic ecosystem
The alliance between family offices and innovative start-ups paints a promising picture of the city’s dynamic investment landscape
Wealth preservation is the core function of many family offices. Indeed, more than a few ultra-high-net-worth (UHNW) families – defined as having a net worth of at least US$30 million – favour a relatively conservative approach in their asset allocation and portfolio construction.
However, for the more than 2,700 single-family offices already operating in Hong Kong, there are alternative routes to building a portfolio that will not only preserve their wealth, but increase it over time.
By adjusting their focus, family offices can take full advantage of the extensive and diverse range of investment opportunities Hong Kong offers, such as start-up funding and digital assets.
Here, Hong Kong has much to offer. The city’s traditional advantages – its tax policies, its strategic location within the Greater Bay Area (GBA) and its long-standing reputation as a trusted legal and financial hub – are well known. However, when considering the establishment of family offices, a key consideration is the city’s unparalleled support for entrepreneurial talent.
The Hong Kong government has committed more than HK$100 billion to innovation and technology development by funding support for infrastructure, research and development, talent pooling, enterprises, business upgrading, re-industrialisation and fintech.
Hong Kong hosted 4,694 start-ups last year, an increase of 10 per cent from the previous year – and 40 per cent more than in 2020. The leading industry continues to be fintech, followed by information, computer and technology, with health and medical, sustainable and green technology, and biotechnology, an emerging component in the life sciences, also performing well.
One of the critical factors in establishing Hong Kong as Asia’s tech hub is the city’s strong network of incubators, accelerators and an ever-expanding cohort of angel investors and venture capitalists.
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