Hong Kong's government has set a target of helping at least 220 more family offices establish or expand in the city between 2026 and 2028, building on a prior goal it hit early, as the Financial Secretary prepares legislation to widen tax-concession eligibility to cover precious metals, loans, private credit and digital assets.

TL;DR

  • The 2025 Policy Address set a goal of attracting at least 220 more family offices to set up or expand in Hong Kong from 2026 to 2028, with outreach widening to Europe, the Middle East and ASEAN.
  • Hong Kong hit its previous 2022-25 target of 200 family offices ahead of schedule, in September 2025, and Deloitte research commissioned by InvestHK counted over 3,380 single-family offices in the city at the end of 2025, up more than 25% over two years.
  • Financial Secretary Christopher Hui plans legislation in the first half of this year to widen the scope of investments qualifying for the city's family office tax concessions, extending them to precious metals, loans, private credit and digital assets.
  • The push comes alongside wider wealth-transfer forecasts: Bank of Singapore's Hong Kong CEO has cited McKinsey figures estimating a US$3.4 trillion intergenerational wealth transfer across Asia-Pacific between 2023 and 2030 among ultra-high-net-worth families with over US$30 million in liquid assets.

A Target Raised After the Last One Was Beaten

The new 220-office target, set out in the 2025 Policy Address, follows Hong Kong clearing its previous goal of 200 new or expanding family offices roughly three months early. That earlier target ran from 2022 to 2025, and its early completion appears to have given officials confidence to raise both the bar and the three-year window for the next phase. Secretary Hui has repeated the 220 figure across several public settings this year, including Raffles Family Office's annual forum, framing it as part of a broader push to widen Hong Kong's outreach beyond its traditional Mainland China and broader Asia base into Europe, the Middle East and ASEAN.

Widening What Qualifies for Tax Breaks

The headcount target is only half the story. Alongside it, Hui plans legislative proposals in the first half of this year to broaden the categories of investment that qualify for Hong Kong's family office tax concessions, extending eligibility beyond the traditional mix of equities, bonds and funds to include precious metals, loans, private credit and digital assets. For single-family offices weighing where to book certain strategies, this is arguably the more consequential development: a headcount target shapes marketing and outreach, but the scope of qualifying investments shapes which structures and mandates it actually makes sense to run out of Hong Kong rather than a competing centre.

The Wealth-Transfer Backdrop

Hong Kong's recruitment push is unfolding against a wealth-transfer wave that regional private banks have been flagging for some time. Bank of Singapore's Hong Kong CEO has pointed to McKinsey estimates that ultra-high-net-worth families across Asia-Pacific with more than US$30 million in liquid assets will pass roughly US$3.4 trillion to the next generation between 2023 and 2030. Citi Wealth's 2026 Global Family Office Report, which surveyed more than 350 family offices across over 40 countries with 22% drawn from APAC, similarly points to generational transition as a live planning concern for the region's family offices rather than a distant one. Hong Kong's bet, in effect, is that widening both the headcount and the tax-qualifying investment categories now positions the city to capture a larger share of that transition as it plays out over the rest of the decade.