To excel in any endeavor and achieve maximum results with minimal effort, it is crucial to understand and leverage one’s strengths. Currently, Hong Kong stands as one of Asia’s most significant centers for asset and wealth management, with assets under management totaling $4.6 trillion at the end of 2021. 

Family offices, positioned at the pinnacle of the wealth management industry, diligently seek agents worldwide to provide professional wealth management services tailored to specific family requirements. 

Family offices have long been coveted by numerous financial centers due to their substantial scale. With a minimum investable asset range of $50 million to $100 million, this serves as the entry point to establish a family office. 

These family offices, which aim to effectively achieve wealth growth and intergenerational transfers, operate similarly to other limited companies and rely on professional management personnel. 

In fact, possessing $50 million to $100 million in investable assets is merely the minimum threshold. Among the world’s 10 largest family offices, seven are from North America, two from Europe, and one from the Middle East, namely the renowned Dubai Holding. The combined assets of just the first three family offices exceed $500 billion. 

It is no wonder that financial professionals consider high-quality family offices as highly sought-after opportunities. The Hong Kong Special Administrative Region government understands the rationale behind this and recognizes that attracting family offices to Hong Kong can stimulate the local wealth management industry. 

As a result, they have set a target to attract 200 family offices to establish a presence in Hong Kong by 2025. This goal is easily attainable due to the advantages Hong Kong possesses. The city is one 

of the world’s top three financial centers, boasting world-class financial infrastructure and capital markets. 

With an abundance of professional services, low tax rates, a simple tax system, and the convergence of international talent and capital, coupled with an international perspective and years of experience in dealing with the global community, these are undoubtedly our assets.  

With these advantages in place, coupled with supportive policies from the government, making Hong Kong the leading family office hub in the Asia-Pacific region and globally is undoubtedly achievable. 

In June 2021, Invest Hong Kong set up the Family OfficeHK team to provide one-stop support services and attract clients to establish family offices in Hong Kong, which is a commendable initiative.

When family offices consider Hong Kong as an operating base, one of their concerns is navigating unfamiliar territory. In addition to promotion, the Family OfficeHK provides comprehensive support services to local, Chinese mainland and overseas investors, facilitating their planning, management, and expansion of family office businesses in Hong Kong. 

Furthermore, the Family OfficeHK coordinates with relevant regulatory bodies, government departments, and other stakeholders to provide maximum convenience for foreign family offices operating in Hong Kong. Therefore, the government should enhance the functions and powers of the Family OfficeHK to maximize its effectiveness. 

As Hong Kong is situated in the heart of Asia, becoming a family office hub aligns with the current trend. Currently, Asia seems to be producing billionaires at a faster rate than any other region, and Hong Kong itself is one of the most concentrated areas for global billionaires. As wealth preservation, risk management, and regulatory compliance become increasingly complex, family offices require professional and experienced services, which Hong Kong is exceptionally capable of providing. 

The author is a specialist in radiology, Master of Public Health of the University of Hong Kong, and an adviser of Our Hong Kong Foundation.

The views do not necessarily reflect those of China Daily.