Hong Kong can’t rest on laurels once it overtakes Switzerland as top family office hub: official

Hong Kong is set to overtake Switzerland as the world’s top destination for cross-border wealth management in the next couple of years, but growing competition does not leave room for complacency, according to Joseph Chan Ho-lim, the undersecretary for financial services and the treasury.

He cited reports by UBS and Boston Consulting Group, which predicted that Hong Kong will overtake Switzerland by 2027-28 as the world’s number one hub for cross-border wealth management.

“Despite our strength and ranking, we cannot afford to be complacent because we know the competition on the global landscape is keen,” Chan said at the Post’s Redefining Hong Kong family office conference on Friday. The second edition of the event brought together Hong Kong-based family office operators to explore the complexities of family office operation and navigate how to achieve long-term success.

“That’s why the Hong Kong government has consistently taken a multipronged approach to create a more conducive business environment for family offices with the aim of attracting them to establish and operate in Hong Kong.”

Hong Kong has a slew of competitive strengths, including free flow of capital, free flow of information, common law system, simple and low-tax regime, and a regulatory regime that is compatible with other major global markets, he added.