Hong Kong’s Charm Offensive: Attracting European High-Net-Worth Family Offices
Hong Kong‘s investment promotion agency is touring Europe to attract high-net-worth individuals. Charles Ng Siong-kwong, a key official at InvestHK, began his trip on Sunday. He will visit cities like London, Milan, Lugano, and Paris this week. His goal is to meet with family office representatives and speak at a finance forum to highlight Hong Kong as an investment destination.
Ng stated that Hong Kong offers a business-friendly environment and strong financial infrastructure. He believes these features make it an ideal location for investors looking to diversify their portfolios and take advantage of Asia’s growth potential.
A government representative mentioned that many ultra-high-net-worth individuals in Europe are reconsidering their investment strategies due to an uncertain tax climate. They are increasingly turning to Hong Kong, drawn by its favorable tax policies and leadership in wealth management in Asia.
How is the Hong Kong government supporting family offices in the region?
Interview with Charles Ng Siong-kwong, InvestHK Official on Attracting High-Net-Worth Individuals to Hong Kong
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Interviewer: Thank you for joining us, Mr. Ng. You recently embarked on a tour across Europe to promote Hong Kong as an investment destination. Can you tell us what prompted this initiative?
Charles Ng: Thank you for having me. The primary aim of this tour is to connect with high-net-worth individuals and family offices across Europe. We recognize that many of these investors are reassessing their strategies amidst an uncertain tax environment. Our goal is to present Hong Kong as a stable and attractive option for them.
Interviewer: You mentioned the uncertain tax climate. How does Hong Kong’s tax policy compare?
Charles Ng: Hong Kong offers one of the most favorable tax regimes in the world. There are no capital gains taxes, no inheritance taxes, and a low corporate tax rate. This, combined with our strong financial infrastructure, makes Hong Kong an ideal location for those looking to diversify their investments and capitalize on Asia’s growth potential.
Interviewer: In cities like London, Milan, Lugano, and Paris, what specific features of Hong Kong are you highlighting?
Charles Ng: I’m focusing on our business-friendly environment and the robust financial market we have developed. Additionally, I will be speaking at a finance forum where I will elaborate on Hong Kong’s strategic position in Asia as a hub for wealth management. With our skilled workforce and a variety of investment options, we can accommodate diverse investment needs.
Interviewer: The government has made efforts in recent years to attract family offices to Hong Kong. Can you elaborate on this initiative?
Charles Ng: Certainly. Our government has been proactive in this area. Just recently, a dedicated division hosted a three-day summit focused entirely on family offices, aiming to streamline processes and provide tailored services to meet their unique needs. We want to position Hong Kong as the premier destination for family offices in Asia.
Interviewer: Philanthropy seems to be another area of focus for Hong Kong’s government. Can you tell us more about this?
Charles Ng: Yes, our Chief Executive, John Lee Ka-chiu, has articulated a vision for Hong Kong to become a global center for philanthropy. This aligns with our overall strategy to attract not just wealth, but also the intention behind it—responsible investing and socially impactful initiatives. We believe that by nurturing a culture of philanthropy, we can further enhance our position as a leading international financial center.
Interviewer: As you continue this important work, what message do you hope to convey to European investors?
Charles Ng: My message is simple: Hong Kong is open for business. We welcome investors looking for new opportunities in a vibrant and dynamic market. Our history, coupled with our forward-looking approach, positions us uniquely to support their ambitions. We invite them to explore the possibilities we offer in what is truly an exciting time for investment in Asia.
Interviewer: Thank you for your insights, Mr. Ng. We wish you continued success on your tour.
Charles Ng: Thank you very much. I appreciate the opportunity to share this important message.
In recent years, Hong Kong has sought to attract family offices. In September, a government division held a three-day summit focused on this initiative.
John Lee Ka-chiu, the leader of Hong Kong, has also expressed the government’s aim to make the city a global center for philanthropy at a recent forum.