In a strategic move to attract high-net-worth individuals, Hong Kong's InvestHK agency has embarked on a week-long tour across Europe, starting November 17, 2024. Led by Charles Ng Siong-kwong, the tour includes stops in major cities such as London, Milan, Lugano, and Paris. Ng emphasizes the city's favorable tax policies and robust financial infrastructure as key selling points for establishing family offices in Hong Kong. Currently, Hong Kong is home to approximately 2,700 single-family offices, with over half founded by individuals boasting wealth exceeding $50 million. A recent Deloitte report predicts a 40% increase in single-family offices across the Asia-Pacific region by 2030, highlighting the growing trend of wealth management in the area.
This initiative comes in the wake of recent challenges faced by Dubai Prince Sheikh Ali Rashed Ali Saeed Al Maktoum, whose family office plans in Hong Kong have been marred by delays and a now-offline website. Sheikh Ali had initially announced a $500 million family office in Hong Kong, but the opening ceremony was postponed, raising questions about transparency and credibility within his operations. The prince's top aide indicated that he is expected to return to Hong Kong for the opening ceremony and related activities, but the incident has sparked skepticism regarding his business connections and track record within the ruling family of Dubai.
Despite the controversy surrounding Sheikh Ali's family office, experts believe that Hong Kong remains an appealing destination for the super-rich. The city’s favorable tax regime and pool of qualified professionals continue to attract family offices, even as the Maktoum affair generates negative publicity. Business leaders assert that while the incident has left a 'bad taste' in both Hong Kong and the UAE, it will not significantly deter wealthy individuals from considering the financial hub for their investments. Insiders suggest that the unrest in the Middle East presents an opportunity for Hong Kong to attract Middle Eastern capital, further solidifying its position as a competitive choice for family offices.
As part of the European tour, Ng will also speak at the Lugano Finance Forum and engage with the Fondation de France to strengthen ties, showcasing Hong Kong's commitment to expanding its appeal to wealthy individuals globally. The ongoing developments surrounding Sheikh Ali's family office and Hong Kong's proactive outreach to European wealth signify a pivotal moment for the city's financial landscape. [3a9d7463] [0d75a18e] [5be5a80f]