Hong Kong Set to Eclipse Switzerland as Premier Wealth Management Hub, But Must Stay Vigilant, Warns Official

Hong Kong shouldn't become complacent once it exceeds Switzerland as the leading family office center, says official

Hong Kong is poised to outpace Switzerland as the premier wealth management center by 2027-28, but it needs to maintain its competitive edge, according to Joseph Chan.

Hong Kong is on track to surpass Switzerland as the global leader for wealth management in the upcoming years, said Joseph Chan Ho-lim, the deputy secretary for financial services and the treasury. However, he stressed that increasing competition means there's no room for laxity.

According to the data released by the World National Center in Asia, Hong Kong is set to surpass Switzerland by 2027-28, becoming the leading global center for international wealth management.

"Even though we're strong and highly ranked, we can't risk becoming too self-satisfied, as we're aware that the international competition is fierce," Chan stated during the Redefining Hong Kong family office conference hosted by the Post on Friday. The event, now in its second iteration, gathered operators of family offices based in Hong Kong to delve into the intricate aspects of managing these entities and strategize on ways to ensure sustained success.

This is why the Hong Kong administration has continually employed a multifaceted strategy to foster a more favorable business climate for family offices. Their goal is to lure these offices into setting up and running their operations in Hong Kong.

Hong Kong boasts numerous competitive advantages such as unrestricted movement of capital, unrestricted access to information, a common law system, an uncomplicated and minimal tax system, along with a regulatory system that aligns with other significant global markets, he further mentioned.