HK 'is largest cross-boundary wealth management hub'
Financial Secretary Paul Chan on Thursday said Hong Kong’s wealth management sector is growing strongly and is well positioned to capture a fair share of business emanating from shifting global affluence. In a keynote speech at the Wealth Management Summit, he pointed to a survey in July by the Securities and Futures Commission that showed assets under management jumped 20 percent to more than…
Hong Kong has emerged as the world's largest cross-border wealth management hub, according to Financial Secretary Paul Chan. In a keynote address at the Wealth Management Summit, Chan highlighted that the city's assets under management increased by 20 percent to over HK$42 trillion. The Securities and Futures Commission's survey and the Private Wealth Management Association's findings both pointed to a surge in demand for wealth management services in Hong Kong.
Chan emphasized that the city's tax concessions and favorable policies have attracted international capital, with over 3,300 single-family offices and a pipeline of 500 applications for AI, semiconductors, and robotics. He also noted the significant contribution of tech and AI to the wealth of the world's richest tycoons, with mainland billionaire fortunes increasing by 20 percent.
Chan's optimistic outlook was echoed by global financial leaders at the summit, who expressed plans to boost investment and headcount in the city.
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