Asia’s Wealth Shift: Hong Kong and Singapore Lead the Next Chapter in Family Offices
Asia’s centre of gravity for private wealth is shifting. As trillions of dollars move east, Hong Kong and Singapore have become the twin anchors of Asia’s new family office era. One is hard wired into China’s growth story and the Greater Bay’s capital engine. The other offers rule based stability, a trusted regulator and a carefully curated gateway for global capital. Together they are reshaping how fortunes are structured, governed and handed on.
From ultra wealthy founders in Shanghai and Shenzhen to Middle Eastern and European families looking for an Asian foothold, the response is increasingly the same. Build in both hubs. Use Singapore for predictability and policy driven incentives. Use Hong Kong for its proximity to China, deep markets and tax simplicity. What began as a contest for mandates is becoming a complementary network of cross border offices, parallel structures and multi jurisdictional governance.
This feature explores how that shift is playing out in real time. It follows the surge in Asian family offices, the recalibration of visas and tax concessions, and the quiet institutionalisation of once informal family empires. It also tracks the mood behind the numbers, from Golden Week consumer data to the growing taste for art, collectibles and private markets. The result is a picture of an Asian wealth system entering a defining decade, where family offices in Hong Kong and Singapore now set the tone for the next chapter in global private capital. Family offices: As the global wealth landscape shifts eastward, Hong Kong and Singapore have become the twin anchors of private wealth in Asia.
Key Takeaways
- Asia’s Wealth Shift is evident as Hong Kong and Singapore anchor the new family office era.
- These cities provide unique advantages: Hong Kong connects with China’s markets, while Singapore offers regulatory stability.
- Family offices in the region are growing rapidly, driven by favourable policies and an influx of capital.
- Wealthy families now establish offices in both cities, seeking to diversify across geopolitical landscapes.
- The shift represents a broader trend of institutionalised wealth management and evolving family governance in Asia.
Estimated reading time: 1 minute
Both cities are redefining how fortunes are managed, regulated and passed between generations; one through its deep ties to China, the other through its rule-based stability. Their trajectories now illustrate how Asia’s financial centres are adapting to new money, new rules and new expectations from wealthy families.
That shift in wealth power is transforming Asia’s financial map, with Hong Kong and Singapore emerging as the focal points for private capital and next-generation wealth management.
The Rise of Family Offices Across Asia
Across Asia, the family-office sector is undergoing rapid expansion and professionalisation. In key wealth hubs such as Hong Kong and Singapore, favourable tax regimes, regulatory clarity, and deep financial ecosystems have fuelled a surge in family-office activity. McKinsey reports (Bernhard Kotanko and Joydeep Sengupta) that between 2023 and 2030, ultra-high-net-worth and high-net-worth families in Asia Pacific are expected to transfer around US$5.8 trillion in wealth, prompting many to establish or scale family offices to manage succession, investments, governance, and risk. The number of single-family offices across both cities has roughly quadrupled since 2020, underscoring their emergence as dual centres of wealth management in the region.
Yet this transformation is unfolding against a backdrop of uneven economic recovery. Across key markets, cautious sentiment, capital outflows, and lingering deflationary pressures remind investors that Asia’s wealth surge is not insulated from macro volatility. The story of family offices in Hong Kong and Singapore is therefore as much about resilience and recalibration as it is about growth.
The momentum is prompting both centres to refine how they attract and serve wealthy families — from tax concessions to new governance rules.
From Rivals to Regional Partners
Rather than operating in competition, Hong Kong and Singapore are increasingly viewed as complementary hubs in a multi-jurisdictional wealth network. Some of the region’s wealthiest families now maintain offices in both cities, diversifying across regulatory and geopolitical environments. Reuters notes that Singapore’s single-family offices climbed to around 2,000 in 2024, supported by policy reforms and incentives to attract family-office capital. Meanwhile, Deloitte (Adrian Batty) highlights a shift toward institutional governance, sustainable investing, and structured succession planning — signs of a maturing ecosystem that underpins Asia’s growing prominence in the global wealth landscape.
Singapore’s Momentum and Policy Refinement
At the Citywealth Forum 2024, Kenneth Ler, Regional Director for Europe at the Singapore Economic Development Board, commented on the rapid expansion of Singapore’s family office sector, noting that the number of single-family offices had grown from around 400 in 2020 to more than 2,000 by the end of 2024. His remarks highlighted Singapore’s emergence as Asia’s leading hub for wealth management and succession planning, reflecting continued global confidence in its regulatory stability and pro-business environment. Yet Singapore’s open-door success is starting to meet natural limits, as policy adjustments test how far that momentum can go.
Hong Kong’s Resurgence and Global Capital Flows
From the Citywealth 2024 Hong Kong & China update, Wisdom Hon, a consultant at C. P. Lin & Co, said, “Many compare Hong Kong with Singapore but to me, they are quite different. In the past few years, Singapore successfully attracted people setting up family offices there. However, since last year there’s been a decline as their policy has changed, refusing to renew residency visas, increasing the investment threshold and, more importantly, granting a passport has now become discretionary.”
“While China remains a big market for Hong Kong, I see that some families from the Middle East and Europe are setting up family offices here. It’s complementary to the family’s other offices worldwide — it helps them benefit from our low tax rate, simple tax system, and strong talent pool. The government is eager to attract foreign investments and families to establish offices in Hong Kong. It’s being proactive in launching marketing campaigns and initiatives.”
Hon continued saying, “From my experience, wealthy families have always been investing internationally, be it financial markets, property, private equity, commodities, or art. With the property downturn, families are selling properties to liquidate for other investments. I must say though, for many families, their investment focus is still very much Hong Kong.”
Shifting Perceptions Among Wealthy Families
Her comments highlight a shift in perception: where once the two cities competed head-to-head, advisers now see families building footprints across both.
Patricia Woo, Partner, Squire Patton Boggs, Hong Kong confirms this. “My personal observation over the past few years since Hong Kong introduced its profits tax concession for family offices is that Hong Kong and Singapore are not in competition. Rather, clients of sufficient size are interested in establishing family offices in both locations, as well as potentially in other jurisdictions that offer strong family office services.”
External forces are also influencing regional flows, from trade policy to capital-market regulation.
On an international level the impact from Trump announcements is making itself felt in Hong Kong as, Clifford Ng, Co-Managing Partner at Zhong Lun Hong Kong, observed in Citywealth’s “OBBBA and the Global Wealth Shift. “We are already seeing investors pull back from the US. Hong Kong has been a beneficiary of this with a strong rebound in the local capital market.” This underscores how shifts in U.S. policy and investor repositioning beyond the U.S. are feeding into Hong Kong’s capital inflows and renewed market momentum.”
That international recalibration is visible in Hong Kong’s day-to-day market activity, where legal and financial advisers report a more confident tone. Despite renewed capital-market confidence though, both cities continue to operate within a choppy regional economy. Property softness, trade uncertainties, and cautious consumer spending, especially in mainland China, are shaping how family offices position themselves. The emphasis is shifting from opportunistic expansion to structured resilience.
Regulation, Transparency, and Market Stability
Ross Davidson, Partner and Registered Foreign Lawyer, Stephenson Harwood, Hong Kong says, “Hong Kong’s capital markets have rebounded impressively this year, with new listings – driven largely by PRC companies – outraising all peers. This renewed momentum has kept us busy advising founders and families on all aspects of pre- and post-IPO planning, including trust structuring, estate planning, governance strategies, and the rapid establishment of Hong Kong family offices.”
A law firm advisor based in Hong Kong in our 2024 report said: “There is no doubt that in broad terms the ‘market’ in Hong Kong is not as fast paced as it has been in the past but seems stable and on a gentle upward trajectory which probably reflects the wider Chinese economy and we believe will present opportunities to those committed to the region. However, we note that there has been recent China stimulus, so our comments on the state of the market could update very quickly.”
Davidson continues, “Increasing transparency and growing demands for substance are prompting more families to establish genuine tax residency in Hong Kong. We are seeing strong interest in the Capital Investment Entrant Scheme – Hong Kong’s answer to the investor visa – alongside a steady flow of employment visas linked to family office launches and IPO activity. The city’s unique blend of global connectivity, business opportunities, a stable and straightforward tax regime, high quality of life, diverse talent pool, and strategic location near key Asia Pacific markets and the Mainland continues to attract private clients and their businesses.”
“The introduction of the new corporate re-domiciliation regime is also encouraging both corporate groups and private wealth structures to migrate entities into Hong Kong, aligning governance and operations within a stable, business-friendly environment. Despite ongoing geopolitical rhetoric around decoupling and supply chain shifts, we are seeing multinationals and ultra-high-net-worth families who previously explored alternative hubs now re-engaging with Hong Kong, recognising its resilience and enduring appeal in an uncertain world.”
Others take a wider view, seeing Hong Kong’s strength not only in its financial system but in its position at the heart of southern China’s growth corridor.
The Greater Bay Advantage
Clifford Ng, Co-Managing Partner, Zhong Lun Law Firm, Hong Kong, said in our 2024 update:
“My thesis for Hong Kong is that it is the international financial centre that is part of China — for better or worse. For those who see the need to diversify geopolitically out of the ‘G7’ sphere, they need to consider Hong Kong. Within 90 minutes of ground travel from Hong Kong is the ‘Greater Bay Area’ — with Shenzhen and Guangzhou, a combined GDP of over USD2 trillion, which would be the 11th largest economy in the world. This far surpasses the tip of Malaysia that is next to Singapore.”
“Hong Kong is also a very established IFC centre with 180 years of common law and a long history of trusts. It is an easy place to live and work, with low taxes, efficient infrastructure, and international schools.” Attention is now turning to how family offices themselves are evolving — moving from transaction-based investing toward structured governance and sustainability.
A New Phase of Institutional Wealth Management
Samy Reeb, Group CEO, Wealth Structuring Solutions, PFIS Group.
“Hong Kong’s private wealth sector continues to evolve as high-net-worth families navigate a complex landscape shaped by geopolitical shifts, regulatory tightening, and intergenerational wealth transfer. There is a clear trend toward more institutionalised family governance, with second-generation heirs seeking greater transparency, control, and sustainability in how family assets are managed. Many family offices are diversifying away from concentrated property holdings into global portfolios, private credit, and alternative investments.”
“At the same time, clients are increasingly attentive to tax efficiency and cross-border compliance, particularly those with exposure to Mainland China and the United States. This has led to a growing interest in structuring tools such as Private Placement Life Insurance (PPLI) and multi-jurisdictional trusts. Technology adoption is also accelerating across the wealth management sector, from AI-driven portfolio analytics to digital onboarding and reporting platforms, reflecting clients’ expectations for a data. Taken together, these trends signal a maturation of Hong Kong’s private client market, moving from product-led to holistic, governance-based wealth management.
However, Wisdom Hon noted last year, ‘There seems to be more focus here on wealth management and investment rather than succession … I see only a few families really make succession their priority currently.’”
This institutional shift is mirrored in broader data on entrepreneurial wealth
In the HSBC Private Bank’s annual Global Entrepreneurial Wealth Report, it says there are five markets where entrepreneurs were most keen to expand internationally, and they are in Asia and the Middle East. Both Singapore and Hong Kong also play pivotal roles as business and wealth hubs.
Lok Yim, Regional Head of HSBC Global Private Banking Asia Pacific said. “A growing number of entrepreneurs from mainland China are choosing Hong Kong to drive diversification and to expand their businesses. With the anticipated trillions in wealth transfer in the next five years across Asia there are greater concerns about how to pass on wealth and businesses than international peers.”
Luxury and Collectables: Passion Assets on the Rise
Luxury spending trends. The HSBC report also shows that Hong Kong entrepreneurs enjoy spending on art and collectibles showing 33% doing so against a global average of 24%. In the Citywealth 2024 update Phillips Auction on their jewels sales reported an 89 per cent year-on-year increase at its Hong Kong auction, underscoring the continued appetite for luxury and collectibles despite broader market headwinds.
Beyond the numbers, sentiment across Asia remains a key indicator of how confident investors and households feel
Sean Taylor, director, intermediary sales at Arbuthnot Latham, a private and commercial bank headquartered in London says it’s a tale of two gateways. “Asia is quieter than usual – markets in China and Hong Kong are closed for Golden Week, the annual holiday marking China’s National Day. It is a key barometer for domestic sentiment: millions travel, spend, and signal how confident households feel. Economists are watching closely to see if this year’s consumer data finally shows a revival in spending after months of sluggish demand and deflationary worry. Early signs suggest strong travel numbers but cautious wallets – a reminder that confidence, not cash, remains the missing ingredient in China’s recovery.”
“Hong Kong is feeling the pause too. Equity turnover has dipped, property sentiment is subdued, and capital outflows continue. Yet beneath the surface, policymakers are pushing hard to rekindle the city’s spark – reopening listing channels, revamping fund rules, and deepening ties with Shenzhen. The Hang Seng’s volatility hides quiet optimism around tech, AI, and healthcare listings. As an Englishman who served in Hong Kong, I fell in love with the Orient’s vibrant chaos – its neon-lit streets and ancient temples – but since handover, the city’s soul has shifted, balancing its East-West allure with a new, introspective identity under the mothership’s shadow. Questions linger: can Hong Kong stay the global gateway for Chinese capital as Beijing builds its own?”
“Singapore, meanwhile, thrives on consistency. The city-state continues to magnetise wealth, fintech, and family offices, balancing growth with discipline. The MAS remains vigilant on inflation, GDP growth is steady, and the regulatory environment remains gold standard. Its challenge now is success itself – property caps, fund scrutiny, and rising costs signal an ecosystem moving from expansion to refinement. Yet, Singapore’s forward-thinking policies and gleaming infrastructure continue to draw global talent, fostering innovation hubs that pulse with entrepreneurial energy and reinforce its status as Asia’s financial beacon.”
“The Macro lens: Asia remains the world’s growth engine – accounting for more than 60% of global GDP expansion this year — but it is also where the divergence is sharpest. North Asia wrestles with deflation and demographics; South and Southeast Asia surge on demographics and digitalisation. The result is a two-speed region that is complex, but also more investable for those who understand its nuances.”
“Golden Week may be a holiday, but for policymakers a litmus test – is China’s vast domestic engine finally restarting, or merely idling at the lights? Taken together, these perspectives show a region adjusting rather than overhauling — balancing optimism with realism as capital continues to flow east. My key takeaway is that Asia’s growth story is intact but shifting gears. Watch household sentiment as closely as bond yields; both will tell you where confidence and opportunity lies.”
While Asia’s wealth engine remains intact, growth across the region is far from linear. The same factors fuelling opportunity — demographic expansion, digitalisation, and capital mobility — coexist with headwinds of deflation, policy recalibration, and cautious household sentiment. As Sean Taylor observed, confidence, not liquidity, may be the true missing ingredient.
Asia’s wealth landscape is entering a defining decade
Asia’s wealth landscape is entering a defining decade, with Hong Kong and Singapore consolidating their positions as dual powerhouses of private wealth management. Once competitors, the two now function as complementary nodes in a transnational ecosystem serving ultra-wealthy families across regions. Singapore’s policy-driven ascent has given it first-mover momentum, while Hong Kong’s rebound — underpinned by capital-market recovery, tax reform, and the Greater Bay narrative — is restoring its international allure.
Together, they illustrate the maturation of Asia’s wealth sector: from first-generation wealth creation to structured governance, sustainable investment, and global succession planning. The continued eastward shift of private capital suggests this balance will deepen, not diminish. For families, advisers, and policymakers alike, success will depend on cross-border coordination, substance over incentives, and the ability to evolve governance models that reflect new generational and geopolitical realities.
A Look at Two Leading Entrepreneurs in the Region
Legacy figures turned family-office pioneer
Cheah Cheng Hye — longtime icon in Asia’s asset management industry — has shifted toward a hybrid model combining traditional fund operation with family-office structure. His cross-hub presence in Hong Kong and Singapore underscores how even established asset houses are rethinking their operating models, blending public fund management with private family-wealth stewardship. Cheah Cheng Hye co-founded and chaired Value Partners Group Ltd., one of the leading asset management firms in Hong Kong.
Tech wealth migration signal
Another instructive case is Neil Shen, co-founder of Sequoia China, who maintains Singapore permanent residency and has increasingly directed parts of his investment and wealth structures through Singapore. His strategic positioning illustrates how sizable tech and venture capital wealth is realigning across borders, especially where regulatory stability and passporting features matter. Shen is a Chinese billionaire venture capitalist and entrepreneur. He is the founding and managing partner of HongShan (HSG), formerly Sequoia Capital China, which became independent from Sequoia Capital in 2023.
FAQ
A. McKinsey estimates that ultra high net worth and high net worth families in Asia Pacific will transfer about 5.8 trillion United States dollars between 2023 and 2030. This transfer is driving the rapid expansion of family offices across the region.
A. Advisers increasingly say no. Many wealthy families now operate in both cities to diversify regulatory exposure and capture different benefits. Hong Kong offers proximity to mainland China and capital market access. Singapore offers policy stability and mature governance frameworks.
A. Strong inflows have created pressure on property, talent and residency schemes. The government has tightened visa rules, raised investment thresholds and increased scrutiny of fund structures. The aim is to maintain quality and substance rather than volume.
A. Capital market recovery, renewed foreign interest and targeted tax concessions have lifted confidence. New policies, such as the corporate redomiciliation regime and the Capital Investment Entrant Scheme, have supported a revival in family office activity.
A. Within 90 minutes of travel from Hong Kong lie Shenzhen and Guangzhou, with a combined economy larger than many G20 nations. This proximity to innovation, manufacturing and consumer markets strengthens Hong Kong’s role as the financial gateway into southern China. (The Greater Bay Area (GBA), is a megalopolis, consisting of nine cities and two special administrative regions in South China).
A. Yes. Asia remains the world’s fastest growing region for wealth creation, and both Hong Kong and Singapore are now embedded in global private wealth networks. The trend is toward deeper institutionalisation, cross border coordination and long term planning.
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