The 2024 Family Business Summit (FBS) concluded on November 17, 2024, in Hong Kong, bringing together over 100 wealthy family principals and speakers to discuss the pivotal role of family businesses in the global economy. Organized by the South China Morning Post and Blue Pool Capital, with JPMorgan as the presenting partner, the summit featured key discussions on various topics, including ASEAN opportunities, scientific research, and US-China relations.
Catherine So, CEO of the South China Morning Post, emphasized that family businesses contribute over 60% of Hong Kong's GDP, highlighting their significance in driving economic growth in the region. The summit included notable speakers such as Malaysia's Minister of Transport Anthony Loke and AirAsia CEO Tony Fernandes, who discussed the potential of ASEAN markets. Professors Dennis Lo and Ng Siew Chien addressed Hong Kong's role in scientific advancements, while a panel on European security featured former European Commission President Jose Manuel Barroso.
A fireside chat on US-China relations included insights from former ambassador Cui Tiankai, reflecting the ongoing complexities in international diplomacy. Khaldoon Al-Mubarak, CEO of Mubadala Investment Company, shared investment strategies tailored for family businesses amidst the evolving economic landscape. Deloitte predicts that the number of single-family offices in the Asia-Pacific region will increase by 40% to 3,200 by 2030, with Hong Kong currently hosting over 2,700 single-family offices, many established by individuals with wealth exceeding US$50 million.
The discussions at the summit underscored the need for family businesses to adapt to the changing geopolitical environment while leveraging technological advancements in AI to enhance their investment strategies. This event served as a crucial platform for family business owners to exchange ideas and forge connections that could help navigate the complexities of today's global economy, particularly in light of the rapid expansion of the AI sector, which is projected to reach a valuation of US$1.4 trillion by 2030. The summit's insights will undoubtedly influence the strategies of family businesses as they navigate the intertwined challenges of technology and geopolitics in the coming years.