Hong Kong to host summit in September to promote city as regional hub for family offices

Chia, who started her role in the academy in March, said the summit will be held from September 12 to 14 and is expected to attract a similar number of attendees to the academy’s first event in May, which had more than 100 participants.

The academy’s latest initiative reflects Hong Kong’s efforts to burnish its credentials as Asia’s hub for wealthy family offices.

The Asia-Pacific region is expected to experience the biggest growth in wealth among ultra-high-net-worth individuals by 2026, according to Knight Frank’s Wealth Report 2022.

Chia said the academy will focus on peer-group learning, instead of a classroom setting, to achieve capacity and develop talent for family offices.

“Peer-group learning also encourages learning by doing,” she said. “The summit in September will allow asset owners and next-generation wealth owners to share knowledge and learn from each other, both from their successes and mistakes.”

The summit in September will start with a small group workshop on charity and impact investment, followed by a reception to showcase selected projects that family offices could get involved to benefit the environment or society, Chia said.

The second day will cover family governance as well as business and investment trends for family offices. The summit will wrap up its third day with a programme to introduce the city’s arts and culture scene.

Chia declined to provide details, as the summit is meant to be a closed-door event for those invited.

Hong Kong had more than 2,700 single-family offices – firms established to pursue investment, philanthropy and succession planning – at the end of last year, according to a study published by Deloitte in March.

In March this year, Hong Kong introduced a revamped investment-migration programme, providing local residency to those who invest HK$30 million or more. Before the academy was established, the government introduced tax incentives for family offices in May last year.

“Our goal is to help our ultimate target audience – including the family principals, their next-gens and executives of single family offices – to connect and to be able to develop,” Chia said. “They could share knowledge or join forces to do investment or philanthropy together. We truly want to be a superconnector among the different family offices and next-generation asset owners.”

“Attracting wealthy families – including their businesses, resources and connections – can ultimately translate into Hong Kong’s long-term economic development across multiple strategic areas,” she said.

“The activities in Hong Kong and Singapore are complementary,” she said. “Family offices want to diversify their investments, and they would position themselves across different cities to best capitalise on opportunities.”