By Jason Fong, Global Head of Family Office, Invest Hong Kong (InvestHK)
Asia accounts for more than half of global GDP[1] and is experiencing the largest intergenerational wealth transfer in its history – the “Great Inheritance” – which is boosting demand for advanced financial and non-financial services for single- and multi-family offices. An estimated $5.8 trillion is set to change hands by 2030.[2]
This trend isn't unique to Asia – over the next five years, Europe will experience its own “Great Wealth Transfer” with an estimated $3.5 trillion passed from one generation to the next.[3] For growth, Asia is the obvious place to look, with its well-structured markets and an abundance of highly dynamic innovative businesses that offer great investment opportunities.
For European family offices seeking a strategic foothold in Asia, Hong Kong emerges as the region’s premier cross-border wealth management hub. Combining over a century of private wealth management expertise with a common law legal system, robust regulatory infrastructure, and unrivalled connectivity to both Chinese Mainland and wider Asia-Pacific markets, the city offers a unique value proposition. Today, more than 3,300 single family offices have established a presence in Hong Kong, with nearly 60% SFOs managing assets exceeding US$50 million, underscoring its role as Asia’s gateway for global wealth.
For family offices, the true raison d’être is building and sustaining a legacy that extends beyond wealth. This legacy combines financial and non-financial dimensions – values, vision, governance and reputation – with the latter just as important as the former. For many HNW families, the challenge is not just to manage their wealth, but to shape the meaning of that wealth for future generations. For effective stewardship, family offices need a robust and transparent market infrastructure, forward-looking government policy, rapidly growing investment opportunities, and a fertile environment for fresh wealth creation. Hong Kong meets many of these criteria.
Adapting to evolving family needs
While financial services clearly have a critical part to play, non-financial services matter too. For HNW families with cross-border assets, legal certainty and a stable business environment are just as important as investment returns. Hong Kong operates under a well-established common law legal system, with no restrictions on foreign ownership or the movement of capital, goods, talent, or information. This transparent and predictable regulatory framework provides long-term security.
Hong Kong provides a comprehensive ecosystem for family living and legacy building. It offers a high quality of life, supported by modern infrastructure, efficient public transportation, a safe environment, and premium lifestyle options. The city is a magnet for top-tier talent across finance, technology, law, and education, consistently ranking first in Asia in reports such as the IMD World Talent Ranking. This foundation supports a world-class education system, featuring over 50 international schools and 5 globally top-ranked universities—including the University of Hong Kong, which is ranked number one in Asia. Beyond work and study, Hong Kong’s vibrant cultural scene, highlighted by major events like Art Basel and the Hong Kong Rugby Sevens, creates a dynamic and attractive lifestyle for global families, directly addressing their evolving needs.
Privileged families are now transitioning to second or even third generations, who have often been educated overseas and exposed to the international market – mixing with their peers from other countries. They may choose to settle abroad and pursue missions distinct from their predecessors.
Compelling tax regime
Accumulating wealth is one thing; managing and safeguarding it for future generations is another.
Hong Kong’s tax regime is among the most attractive in the world. There is no sales tax, no VAT, no withholding tax, no capital gains tax, no inheritance tax, and no tax on dividends. Corporation tax is capped at 16.5%, while personal income tax is calculated at progressive rates ranging from 2% to 17%. In March 2023, the Hong Kong Government introduced a new tax ordinance offering profits tax exemption for qualifying transactions carried out by family-owned investment holding vehicles (FIHVs) managed by single family offices. Single family offices can benefit from tax exemption upon meeting customary conditions, subject to a minimum asset threshold of HK$240 million, specific activity requirements, with no need for prior approval. Family offices can benefit from such incentives as long as regulatory requirements are met, without local investment requirement.
Hong Kong’s strategic location on the doorstep of the Greater Bay Area (GBA) – an 87-million-person market – and the Chinese Mainland, coupled with it being Asia Pacific’s leading international financial centre, makes it especially alluring. Notably, the "Shenzhen-Hong Kong-Guangzhou" cluster has ranked first globally in the Global Innovation Index 2025 published by the World Intellectual Property Organization.[4] The GDP of the GBA is comparable to that of Spain, and would rank 15th worldwide if considered as a separate economy.
Centre for high-growth companies
For family offices looking to invest in high-growth companies, Hong Kong offers opportunities across biotech, life sciences, greentech and fintech, making it a natural extension for European wealth owners seeking innovation and diversification in Asia.
Hong Kong’s biotech ecosystem has become a major attraction for European family offices focused on healthtech and early-stage innovation. The city blends academic research, clinical networks and capital access in a way that expedites translation from laboratory to market. Initiatives tied to the Hetao Shenzhen–Hong Kong Science and Technology Innovation Co‑operation Zone create cross‑border synergies with Chinese Mainland’s manufacturing and research capabilities.
Meanwhile, its fintech sector represents another gateway for European family offices to engage with Hong Kong’s digital economy, which includes digital assets, cryptocurrency WealthTech, blockchain, and payment and remittance. According to the Global Financial Centres Index (GFCI) 38 Report published by Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, Hong Kong ranked first globally in fintech. Its deep and dynamic capital markets are crucial for family offices that require flexibility in managing global investment instruments. The city's vibrant financial ecosystem saw 119 initial public offerings (IPOs) in 2025, raising over USD 36 billion – the highest amount worldwide.
Services include family harmonization
These evolving life choices can lead to family discord. Internal disagreements, feuds and rifts within families need to be addressed. At FamilyOfficeHK, the initiative I lead under the Hong Kong government, we provide confidential, tailor-made support to families exploring the setup of a family office in Hong Kong. Whether European families and businesses are in the early stages of exploration or ready to take action, we offer personalized guidance to help navigate the process with clarity and confidence.
Sometimes the team provides counsel directly, but often it draws on the professional expertise available from the Network of Family Office Service Providers for specialist help. Launched in 2023, this network is part of a supportive ecosystem for family offices globally looking to establish or expand their presence in Hong Kong.[5] The network currently comprises more than 60 private banks, accounting and legal firms, trusts, wealth management platforms, and other professional service firms. It also acts as a conduit for two-way communication between government and industry.
As European family offices seek a stable yet dynamic gateway into Asia’s growth and innovation, Hong Kong offers a rare combination of legal familiarity, market access, and future-ready infrastructure. With its deep financial ecosystem, global connectivity, and the government fully committed to supporting family offices, Hong Kong stands out as the natural and indeed strategic choice for those looking to preserve, grow, and redefine their legacies in the Asian century.
About the author
Jason Fong
Global Head, Family Office of Invest Hong Kong
The Government of the Hong Kong Special Administrative Region
Jason Fong was appointed as the Global Head of FamilyOfficeHK, Invest Hong Kong (“InvestHK”) in April 2023. InvestHK is the department of the Hong Kong SAR Government, and FamilyOfficeHK at InvestHK is responsible for promoting Hong Kong as the international hub and preferred choice of family offices.
Fong is a veteran in the banking and asset management industry with over 27 years of experiences before joining FamilyOfficeHK. He has held various senior positions with international financial institutions in his career and has wide exposure in the Asia Pacific region including Mainland China, Hong Kong, Taiwan, Singapore, Malaysia, Philippines, Japan and Korea. Fong was re-located to China and based in Beijing, Shanghai and Shenzhen, during his terms with international banks to take up onshore leadership.
Fong spent his early years in United Kingdom and graduated from the University of Leeds. He is an expert in family business and family office. He served as a senior consultant to banking associations and government advisory bodies. Fong is also the member of HKTDC Financial Services Advisory Committee and Steering Committee member of Asian Financial Forum.
[1] https://www.worldeconomics.com/Thoughts/Asia-Now-Larger-Than.aspx?ThoughtID=215
[2] https://www.schroders.com/en-sg/sg/wealth-management/insights/as-the-worlds-wealth-changes-hands-will-asian-fortunes-fade-or-flourish/
[3] https://www.ing.com/Newsroom/News/The-Great-Wealth-Transfer-Europes-3.5-trillion-shift.htm
[4] https://www.info.gov.hk/gia/general/202509/01/P2025090100586.htm
[5] https://www.familyofficehk.gov.hk/en/network-of-family-office-service-providers/index.html
