The government has recently proposed actively promoting the development of family office businesses in Hong Kong to attract global family offices and asset owners to bring their wealth to Hong Kong. Do you support the development of family offices?
Agree |
Disagree |
Attracting foreign investment. The establishment of family offices will bring significant capital inflows, which will not only enhance the liquidity of Hong Kong’s financial markets but also promote the diversification of the local businesses and entrepreneurs. | Limited benefits for the general public. While family offices may contribute to the growth of high-value industries, the direct impact on the wider population is minimal. They tend to prioritize the preservation of private wealth over public economic growth, leaving little trickle-down effect on ordinary citizens. |
Creating high-quality job opportunities. As the number of family offices increases, there will be a demand for skilled professionals in areas, including asset management, legal, tax, and financial advisory services, which will create high-quality employment opportunities and nurtures talent in Hong Kong’s financial sector. | Competition from other financial hubs. Hong Kong faces stiff competition from other global financial hubs such as Singapore, Switzerland, and New York, which offer well-established ecosystems for family offices. These locations often provide more favorable tax regimes, regulatory clarity, and a broader range of investment opportunities, making them more attractive for family offices considering their options. |
Strengthening Hong Kong as a global financial hub. Developing family offices enhances Hong Kong’s position as a leading international financial center. The influx of high-net-worth individuals and their investments increases the demand for professional services, boosting the city’s financial ecosystem. | Market volatility. Large inflows of capital from family offices can introduce significant volatility into the local financial markets. These offices often have the flexibility to move large sums of money quickly, which can lead to sudden market shifts and instability, potentially affecting the overall economic stability of Hong Kong. |
Promoting wealth management business. The arrival of family offices will stimulate the growth of local wealth management businesses, attracting more international asset management companies to set up offices in Hong Kong, thereby increasing the overall scale and competitiveness of the wealth management industry. | Regulatory uncertainty. Hong Kong’s regulatory environment for family offices is still evolving. The lack of a clear and stable regulatory framework can deter family offices from setting up operations, as they may face unexpected changes in regulations or compliance requirements. This uncertainty can create a risk-averse atmosphere that discourages long-term investment. |
Driving related industries. In addition to direct financial services, the development of family offices will also boost demand in related industries such as high-end real estate, education, healthcare, and philanthropy, thereby promoting the prosperity of these sectors. |
Limited local investment opportunities. While Hong Kong is a gateway to China and Asia, the local investment opportunities may be seen as limited or volatile. Family offices looking for diverse and stable investment options might find the local market less appealing compared to regions with more mature and diversified investment landscapes. This limitation can reduce the attractiveness of Hong Kong as a base for family office operations. |