Hong Kong a ‘safe harbour’ for family wealth as global tensions rise, officials say

Hong Kong is a stable base for global wealth as rising geopolitical tensions and economic uncertainties prompt wealthy families to rethink where they base their assets, according to Financial Secretary Paul Chan Mo-po.“We are living in a world marked by uncertainty and conflicts,” Chan said at the gala dinner of the Wealth for Good in Hong Kong Summit on Tuesday evening. “The rules-based international order is under strain. Some even say it has been ruptured.”Facing such a situation, investors were increasingly diversifying their assets, while families seeking to preserve their legacies were looking for jurisdictions with institutional strength, legal clarity and policy stability, he said.“This is where Hong Kong comes into play,” Chan said, adding that the city was “not only a safe harbour” but also a platform for growth and the deployment of capital.The closed-door summit drew 400 attendees including family offices, family heirs and industry leaders from Asia, Europe, the Americas, Oceania and Africa.Authorities have intensified efforts to draw such investors since issuing a policy statement in 2023 aimed at attracting more family offices to Hong Kong. Measures include profits tax exemptions for single family offices, streamlined regulatory requirements and dedicated support services through InvestHK.