Hong Kong Welcomes Wealthy Families at the Inaugural Global Family Office Forum

In a significant move to enhance its status as a premier financial hub in Asia, Hong Kong is set to host the inaugural Global Family Office Forum, organized by Standard Chartered. This two-day event, beginning Tuesday at the luxurious Four Seasons Hotel, will bring together over 200 representatives from some of the world's wealthiest families, including notable members of the Rockefeller family and affluent tycoons from the Middle East, India, and Africa.

As the global wealth landscape shifts, Hong Kong is positioning itself as a key player, drawing high-net-worth individuals who are eager to forge new business connections and explore growth opportunities in the region. Raymond Ang, the global head of private banking and affluent clients for Greater China and North Asia at Standard Chartered, confirms that over half of the attendees are traveling to Hong Kong specifically for this networking event.

"Many of our private banking clients have expressed a strong desire for a platform where they can share experiences and seek business collaborations," Ang stated in a recent interview. He emphasized Hong Kong's natural fit for such significant gatherings, citing its vast pool of wealth and resources.

The forum will cover an array of topics critical to family offices, including family succession planning, diversified investing strategies, and the globalization of family-owned businesses. Notable speakers include Justin Rockefeller, a prominent member of the Rockefeller family and co-founder of The ImPact, a community focused on impactful investments aimed at solving environmental and social issues.

Furthermore, representatives from prominent companies, such as Sonia Cheng Chi-man of New World Development, will also share their insights during the event. Ang noted that while many families have established offices in their home countries, there is a growing interest in setting up bases in Hong Kong due to its favorable tax incentives and policies.

The investment migration scheme launched by Hong Kong in March allows individuals to fast-track residency by investing HK$30 million or more in various financial instruments, an attractive proposition for family offices. Additionally, a recent tax incentive introduced for family offices has further solidified the city’s appeal compared to competitive markets like Singapore.

Ang expressed optimism about the future of family offices in Hong Kong, citing a recent stock market rally and a positive economic outlook fueled by strategic governmental initiatives and measures aimed at stimulating growth in the Greater China region.

As Hong Kong strives to be the gateway to mainland China, the Global Family Office Forum marks a crucial step in attracting and retaining wealth from around the globe, reinforcing its role as a vital financial center in a rapidly evolving economic landscape.

Stay tuned for more developments from this landmark event, as the world's elite gather to shape the future of wealth management and investment opportunities in Asia!