From Yahoo Finance: 2025-03-22 05:30:00

William Louey Lai-kuen plans to expand his educational charity in Hong Kong following government programmes introduced two years ago to attract affluent families for family offices. Measures included tax incentives and an art storage facility to promote investments, art collections, and charities.

InvestHK has helped set up 160 family offices in Hong Kong with 150 more planning to follow suit. Most new family offices are from mainland China, with plans to target other parts of Asia and the Middle East. The investment migration scheme has attracted 910 applicants and is expected to bring in HK$27 billion in investment.

Hong Kong has become a premier hub for family offices, with over 2,700 single-family offices in 2023, surpassing Singapore. The city offers residency, tax concessions, philanthropy, art collections, and wealth education for global family offices. The recent stock market rally provides new investment opportunities for family offices in Hong Kong. Hong Kong is targeting family businesses in AI and AI-enabled companies to list in the city. UBS’s John Lee Chen-kwok noted interest from overseas family offices and Middle Eastern investors in companies like BYD, which recently raised US$5.6 billion. The city offers a strong legal framework and talent for succession planning.

The city’s role as an art market and philanthropy hub makes it attractive for family offices seeking investment and holistic wealth management. The education-focused foundation of William Louey, a KMB scion, showcases how wealthy families can use Hong Kong as a base for philanthropic endeavors. Louey aims to expand his organization’s scope to support disadvantaged students globally.

UBS’ Lo emphasized the need to attract more family offices to make Hong Kong their regional headquarters, which would encourage family members to become residents. Offering alternative investment opportunities like private equity, private credit, and virtual assets will help retain capital in the city. HSBC’s Yim stressed the importance of creating an ecosystem to keep family offices in Hong Kong long-term.

Hong Kong aims to host the Wealth for Good in Hong Kong Summit to strengthen its position as a leading wealth management center. The city’s wealth management industry is growing, with approximately HK$31 trillion in assets under management. By 2027, Hong Kong is expected to surpass Switzerland as the top hub for cross-border wealth management, reshaping global wealth management in the process. 1. In breaking news, a major earthquake measuring 7.2 on the Richter scale has struck off the coast of Japan. Tsunami warnings have been issued for coastal areas, prompting evacuations. Stay tuned for updates on this developing situation.

2. The latest unemployment figures have been released, showing a slight increase in the national unemployment rate to 4.4%. Economists are closely monitoring the situation as job growth remains slow in key industries. Experts are urging policymakers to take action to stimulate the economy.

3. A new study has found that eating a Mediterranean diet can reduce the risk of heart disease by 30%. The diet, rich in fruits, vegetables, and olive oil, has been shown to improve heart health and lower cholesterol levels. Health experts recommend adopting this diet for a healthier lifestyle.

Read more: inside Hong Kong’s quest to lure the world’s wealthiest clans