Officials from Hong Kong are planning to go on a roadshow to attract wealthy families from Europe and the Middle East to establish investment offices. This is part of a strategy to boost the city’s position as a financial hub. In November, InvestHK will take a trip to London and Zurich. This is the first time InvestHK has launched such promotional efforts since the pandemic in 2020. Dixon Wong, the global head of the family office, and Christine Ho, his deputy, will lead the roadshow. The rapid growth in Asia’s family offices segment is due to its wealth generation and succession planning requirements. Family offices are a great way to preserve wealth for future generations.
Singapore is known as Asia’s top financial hub. Singapore’s reputation is well-known not only in Asia but also globally. For decades, investors have been flocking to Singapore’s business epicenter. SFOs often hire trusted advisers and investment experts. They also create indirect jobs in Singapore by engaging outside tax and legal professionals to provide guidance and wealth planning. These activities include tax filing, managing family investments, consolidating family accounts, and tax filing. This diagram shows a typical family office ownership structure. SFOs often hire tax and legal specialists, financial analysts, and legal and tax experts to assist with wealth planning and operation.
Asia has been a top-tier region for investment and business in recent years. The region’s high net-worth individuals have increased by 7.6% over the same period. China is home to the second-largest group of billionaires worldwide, continuing its regional dominance. This wealth comes with responsibility. It is your responsibility to make wise investments in a safe, stable, and financially sound area, with the ultimate goal of preserving a family’s legacy for future generations. These factors have led forward-thinking UHNWIs (Humanitarians of High Net Worth Individuals) and HNWIs (High Net Worth Individuals) from Asia and worldwide to trust Singapore’s track record for prosperity and stability.
However, the Asia high-net-worth (HNW) sector has quietly increased by 7.9%. Mainland China now houses the second-largest number of billionaires in the world. The muted growth of wealth presents many new challenges to high-net-worth individuals (HNWI) and ultra-high-net-worth people (UHNWI) in Asia. The management of wealth is not enough. A traditional fund manager might be unable to manage the many and varied needs of UHNWI and HNWI. There are many other factors to consider beyond wealth management. Planning, budgeting, and charitable donations are all critical considerations. There are many benefits to having a home office for UHNWIs and HNWIs.