Wealth for Good in Hong Kong Summit demonstrates city status as world-leading family office hub (with photos)
The Hong Kong Special Administrative Region Government announced today (March 24) the Wealth for Good in Hong Kong Summit (WGHK) attracted some of the most influential family offices around the world, which further showcases Hong Kong’s appeal as a world-leading international asset and wealth management hub and its long-term future. Organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), the summit took place at the Hong Kong Palace Museum and was attended by over 100 key decision makers from global family offices and their professional teams across Hong Kong, the Mainland, North America, Europe, other Asian regions, the Middle East and other parts of the world.
The top-level exclusive summit in Hong Kong gathered a world-class cast of leading figures from the global investment, technology, art, sustainability and philanthropy worlds, to discuss the most pressing issues facing family offices today. The “Wealth for Good” theme captured two critical priorities faced by family offices today: wealth preservation and sustaining long-term growth, coupled with the need to positively impact society and communities. Featured summit panel discussions were Family Office Sharing, Wealth for Tech, Wealth for Philanthropy, Wealth for Green and Wealth for Art. A list of speakers is enclosed in the Annex.
Today the Government also issued a Policy Statement on developing family office businesses in Hong Kong, unveiling eight measures with favourable packages and services aimed at helping family wealth owners establish a presence in Hong Kong. Some of the new measures include a new Capital Investment Entrant Scheme, tax concessions, a new Hong Kong Academy for Wealth Legacy, establishing art storage facilities at the airport and developing Hong Kong as a philanthropic centre.
The Financial Secretary, Mr Paul Chan, said, “Under the ‘one country, two systems’ principle, Hong Kong has a common law regime and a regulatory system that aligns perfectly with global standard. Our robust financial markets develop in a stable and orderly way. We have the unique advantage of strong support of the motherland while being closely connected to the world. Our world-class financial infrastructures plus a diversified and efficient capital market that connects the Mainland and the global capital markets put us in the forefront as a leading asset and wealth management hub in the world. At the same time, Hong Kong in recent years has seen solid development in terms of green and sustainable finances, innovation development, art and culture industries as well as philanthropy, making the city an ideal base for global family offices.”
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “We are committed to providing a conducive environment for global family offices to thrive in Hong Kong. A comprehensive set of policy measures is now in place tailored to the holistic and unique needs of family wealth owners. The WGHK marks the start of a new journey, and I am confident we can co-curate with all stakeholders a family office ecosystem that benefits all.”
The Director-General of Investment Promotion at InvestHK, Mr Stephen Phillips, said, “The WGHK will open up a world of new opportunities for family offices from around the globe. Hong Kong’s fast-moving, dynamic business and cultural environment has shaped a unique East-meets-West centre for international cultural exchange. This aligns well with Hong Kong’s role as a critical bridge, seamlessly connecting the Mainland and global capital markets.”
The WGHK speakers also observed the significant and diverse investment opportunities available to family offices in Hong Kong as it sits at an ideal pan-Asian location and continues to cement its status as Asia’s world city.