“Deloitte Market Study Estimates Over 2,700 Pre-Existing Family Offices in Hong Kong as of 31 December 2023”
Deloitte’s Market Study Reveals Hong Kong’s Growing Family Office Landscape
Deloitte, a leading global professional services organization, has recently conducted a groundbreaking market study commissioned by FamilyOfficeHK to estimate the number of pre-existing family offices in Hong Kong as of 31 December 2023. The study, the first of its kind, sheds light on the thriving family office landscape in the city and highlights Hong Kong’s competitive advantage as a preferred location for global family offices and wealth management professionals.
According to Deloitte China Vice Chair Patrick Yip, the study represents a significant milestone in understanding and recognizing the role of family offices in driving Hong Kong’s business and financial success. With the city’s historical foundation as a center for family offices and the government’s Policy Statement on Developing Family Office Businesses, Hong Kong is poised to attract even more family offices in the future.
The study estimates that the total number of single-family offices in Hong Kong exceeds 2,700, including both pre-existing and newly established entities. Deloitte Private Hong Kong Leader Anthony Lau attributes this growth to the city’s competitive tax regime, which has been further enhanced by initiatives such as the Capital Investment Entrant Scheme (CIES) and tax concessions for Family-owned Investment Holding Vehicles (FIHVs).
In the recent 2024-25 Hong Kong Budget, the government proposed further enhancements to the tax regime for single family offices, including a reduction in the profits tax rate. Deloitte continues to advocate for additional measures to support family offices, such as the repeal of the 5% incidental transaction threshold and the expansion of qualifying assets to cover investments in artworks and digital assets.
The Market Study on the Family Office Landscape in Hong Kong utilized a research methodology that leveraged a comprehensive database of ultra-high net worth individuals and families. The study also included interviews with industry experts and stakeholders to corroborate its findings.
Deloitte China Hong Kong Government & Public Services Industry Leader Rita Chan emphasizes Hong Kong’s competitive advantages, including flexibility, innovation in capital markets, and global connectivity. With the rise of digital technology and the untapped potential of emerging markets in Asia and beyond, Hong Kong is poised to attract a rapidly expanding group of UHNW individuals and HNWIs looking to establish family offices in the city.
Overall, the market study highlights the growing importance of family offices in Hong Kong and the city’s position as a premier center for global family offices. With the support of the government and industry stakeholders, Hong Kong’s family office landscape is set to continue its upward trajectory, solidifying the city’s reputation as a hub for wealth management and financial services.
