The number of family offices in Hong Kong is expected to surge to 3,000 soon

The number of family offices in Hong Kong is expected to surge to 3,000 soon, according to the Financial Services and the Treasury Bureau. 
Speaking at the Legislative Council meeting, Under Secretary Joseph Chan Ho-lim said that Invest Hong Kong has assisted over 190 family offices in establishing or expanding their operations in Hong Kong as of May.
Around 150 additional family offices are preparing or have decided to set up or expand in the city, Chan said. 
He expressed confidence to meet the target of assisting at least 200 family offices by the end of this year.
Chan also emphasized: "We have not seen any signs indicating that family offices are involved in systematic and large-scale money laundering or terrorist financing activities."
Data from InvestHK released in 2024, around 2,700 single family offices were operating in the city by the end of 2023.

VERONICA HU