Hong Kong will soon announce an action plan to promote the development of corporate treasury centers in the city, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said.
In his blog on Tuesday, Hui said the government will also submit the legislative proposals on
enhancing the preferential tax regimes for funds, single-family offices, and carried interest to LegCo this month.
Hong Kong overtook Switzerland as the world’s largest cross-border wealth management center last year, according to Boston Consulting Group.
Hui said this not only demonstrates the immense resilience of Hong Kong as an international financial center but also reflects global investors casting a vote of confidence through tangible actions.
He noted that over the next 20 to 30 years, up to US$83 trillion in global private wealth will undergo intergenerational transfer—the largest wealth migration in modern history.
The situation in Asia is particularly urgent, involving complex challenges such as ownership structures, governance models, leadership transitions, and family missions, Hui said, adding that he believes Hong Kong possesses both the capability and the ideal conditions to become the preferred platform and trusted partner for global families during this wave of century-wide wealth transition.
Wealth acts like a powerful "magnet," and when regulations, policies, and infrastructure form a strong enough pull, it can continuously attract global capital, generating self-sustaining momentum for growth, Hui added.
