The world’s wealthiest are flocking to Hong Kong, and the city itself is shaping up to be one of the top financial centres in the world.
Adrian Cheng, CEO of investment firm New World Development Co, recently told Bloomberg he foresees Asia’s World City becoming a global hub for billionaires. “I’m very confident we will be number one for family office wealth management in the future,” said Cheng, who hails from one of Hong Kong’s richest families. The third-generation heir recently established the Hong Kong Academy for Wealth Legacy and was appointed as the chairman of the board of directors in 2023 in an effort to boost the city’s high-net-worth population.
As far as Cheng’s ambitions are concerned, the property tycoon admitted to Bloomberg that the goal is to turn Hong Kong into a leading destination for super-wealthy family offices—and the region is already well on its way. A Deloitte survey commissioned by the Hong Kong government revealed that the city had over 2,700 single-family offices at the end of last year and approximately one-third of them managed at least US$100 million (HK$779.2 million) in assets. In addition, Cheng is hopeful that his newly created academy can act as a “super connector” for wealthy individuals interested in setting up offices in Hong Kong.
Image courtesy of Stewart Cook/Getty Images for Asia Society Southern California
In 2023, Hong Kong had the largest population of ultra-high-net-worth people in the world, according to a report by Wealth-X. At the time, the data found that there were 12,615 individuals worth US$30 million (HK$233.7 million) or more. More recently, Altrata’s latest World Ultra Wealth Report revealed that Hong Kong’s UHNW population dipped to 12,546. The bustling metropolis was only slightly behind New York, which currently has the most millionaires of any other locale around the globe.
“Hong Kong has a long-standing and proven history as a global financial hub,” said Ho-Pin Tung, head of private office at Knight Frank Hong Kong, in a new report. “The city’s connectivity to the Chinese mainland, robust infrastructure, and extensive experience with legislation and compliance have fostered stability, making it an attractive destination for family offices to establish themselves.”
Cheng added that Hong Kong is also in the midst of building an ambitious, tax-free art hub in a bid to lure more wealthy residents to the city.
