There were an estimated 3,384 single-family offices – entities set up to manage the financial needs of a single family – by the end of last year, increasing by 681 from the fourth quarter of 2023.
The single-family offices originated from all over the world. Of the 85 surveyed, 38 originated from mainland China and 19 from Hong Kong. The others included 12 from Europe, eight from Asia-Pacific, six from the US and the rest of the Americas, and two from the Middle East.
“Amid global changes, the family office industry and asset management sector are undergoing a rapid evolution,” Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in a statement on Tuesday. He added that the increase of family offices in Hong Kong reflects the tangible outcomes of the government’s efforts in policy formulation and institutional development.
