HKMA study shows over 3,380 single-family offices now operating in the city, with 91 per cent naming Hong Kong as primary investment region
Family Wealth Stays the Course in Hong Kong
Despite escalating tensions in the Middle East and wider geopolitical uncertainty rattling global markets, Hong Kong’s family office sector is not just holding steady — it is expanding. A landmark survey released by the Hong Kong Institute for Monetary and Financial Research, the research arm of the Hong Kong Monetary Authority, reveals that more than 3,380 single-family offices were operating in the city as of the end of 2025, an increase of roughly 680 over the previous two years. The numbers tell a story of confidence, at least on the surface.
The Numbers Behind the Growth
According to the HKIMR study, which polled 101 entities across the family wealth ecosystem between 2024 and 2025, 91 per cent of respondents named Hong Kong as their primary investment region. Around 80 per cent favoured the broader Asia-Pacific region excluding China, 72 per cent cited North America, and 62 per cent pointed to the Chinese mainland as a destination. The survey was conducted across family offices based in Hong Kong, mainland China, and other parts of the world, giving it a genuinely international sample. Enoch Fung, chief executive of the Hong Kong Academy of Finance and executive director of HKIMR, noted that demand for risk-management products and advisory support has been rising consistently year after year. Family offices, he said, are strengthening their risk management functions as a structural trend, not merely a reaction to any single market event.
Risk Management Takes Centre Stage
The timing of the report matters. Oil prices surged in late February and early March 2026 following military strikes by the United States and Israel on Iran, and global equity markets have been volatile. Yet the HKIMR findings suggest that Hong Kong’s family office community is playing the long game, using hedging instruments and derivative strategies to manage short-term volatility rather than retreating from the market. This is consistent with the behaviour of serious long-term capital. Family offices, by their nature, operate on multi-generational timescales. A quarterly geopolitical flare-up, however alarming, does not necessarily shift allocations that are designed to hold for decades. What matters more is whether the infrastructure of a financial centre — its legal system, its regulatory framework, its talent pool — remains reliable.
Hong Kong’s Enduring Financial Appeal
Hong Kong retains several structural advantages that continue to draw global wealth. Its common law legal system, inherited from its years as a British colony, provides a level of contractual certainty that mainland Chinese cities cannot match. Its deep capital markets, mature banking sector, and concentration of professional services firms — lawyers, accountants, wealth advisors — make it a genuinely sophisticated financial centre. The city also benefits from its position as a gateway to mainland Chinese investment, a function that has only grown in strategic importance as the Greater Bay Area development programme deepens economic integration between Hong Kong, Macau, and nine mainland cities in Guangdong province. For global family offices seeking exposure to the Chinese economy with the protections of a common law jurisdiction, Hong Kong remains the obvious choice.
The Political Overhang
Yet it would be naive to ignore the political dimension entirely. The National Security Law imposed by Beijing in 2020 has fundamentally altered Hong Kong’s political landscape. Several prominent pro-democracy figures are in prison. The free press has been largely dismantled. The once-vibrant civil society has been hollowed out. For some global wealth managers and family offices, particularly those from Western democracies, Hong Kong’s political trajectory raises questions about long-term institutional stability. The Heritage Foundation Economic Freedom Index has tracked a decline in Hong Kong’s economic freedom scores in recent years, a development worth noting for investors who prize the rule of law.
Capital Diversifying Quietly
Advisors and wealth managers working with Asian family offices say that many clients are quietly diversifying — holding assets in Hong Kong for its market access while simultaneously building positions in Singapore, Dubai, London, and New York. This dual-track approach reflects a sophisticated hedging strategy: stay engaged with Asia through Hong Kong, but ensure that the overall portfolio is not excessively concentrated in a jurisdiction whose political future remains uncertain. The Monetary Authority of Singapore has actively courted family offices with competitive tax structures and an unambiguous commitment to rule of law, drawing some capital that might otherwise have settled in Hong Kong. The competition between these two city-states for global wealth is intensifying, and Hong Kong’s political environment is a factor that every serious wealth manager must now price into their calculus. Family offices may be playing the long game, but so is Beijing — and their respective visions for Hong Kong’s future do not always align.
Michelle Wong
International News & Human Rights Journalist, Apple Daily UK
Contact: michelle.wong@appledaily.uk
Michelle Wong is an international news and human rights journalist with experience covering cross-border issues, international advocacy, and global civil rights developments. She trained at a leading UK journalism institution, focusing on international reporting standards, source verification, and human rights frameworks.
Her reporting career includes contributions to Apple Daily and other liberal Chinese publications, covering international sanctions, asylum issues, transnational repression, and global human rights policy. Michelle’s work is grounded in primary sources, expert interviews, and international legal documentation.
She has worked in newsroom environments requiring careful coordination across regions and languages, giving her practical experience in verification and ethical reporting. Her authority is reinforced by consistent publication within reputable media organizations.
At Apple Daily UK, Michelle Wong delivers credible international journalism rooted in professional experience, subject-matter expertise, and adherence to global reporting standards.
