The Greater Bay Area (“GBA”) is one of the wealthiest regions in Mainland China. It has a combined population of over 72 million people, and it is home to around 20% of the nation’s overall High Net Worth Individuals (“HNWI”). GBA boasts a GDP of nearly HK$13 trillion. Hong Kong’s inherent advantage in its deep pool of financial and professional service talents in investment, wealth management, legal and tax advisory would become even more prominent, as its integration within the GBA continues.
The rapid accumulation of wealth in the Asian region and within GBA has supercharged the Family Office industry. As a Family Office expand in size and transition through generations, its needs and demands evolve and diversify, many family office owners recognize the necessity of a clear strategy, sound governance and infrastructure, and efficient execution of their operations can only be found in bespoke and professional management.
The question follows then whether Hong Kong, as one of the leading Family Office hubs in the world, provides a talent pool to match and sustain the development of this flourishing industry.