Hong Kong is now home to 3,384 single-family offices after adding 681 in two years, market study shows

Hong Kong's asset and wealth management industry continues to demonstrate exceptional strength, with family offices emerging as a crucial component of this success story. As the family office sector enters a new phase of growth and integrates further with the broader economy, Deloitte is pleased to announce the findings of its latest market study that examines this evolving landscape. Commissioned by InvestHK and building upon Deloitte’s 2023 baseline research, this report analyses capital flows of family offices, measures their economic and social contributions, and presents stakeholder perspectives on related policy initiatives. It delivers timely insights on key opportunities and enhancement areas to support the city's continued growth as a premier family office hub.

Deloitte Private Hong Kong Leader Anthony Lau says, "Our estimates indicate that Hong Kong is home to 3,384 single-family offices (SFOs) as of the end of 2025, representing an increase of 681 over the two years since the end of 2023^[1]. Primary research through surveys and interviews shows that these family offices originate from various regions and economic sectors, underscoring the city’s ability to attract capital from diverse geographical and industry backgrounds and across different wealth levels."

The study surveyed 136 market participants across Hong Kong’s family office sector, including 121 family offices (comprising 85 SFOs whose wealth origins span all major regions, and 36 multi-family offices, or MFOs, with operations in the city), alongside banks and professional service providers. We also conducted 21 in-depth interviews with family offices and key industry players. These responses were collected between October and December 2025.

Anthony Lau says, "Our survey shows that over half of the surveyed SFOs in Hong Kong have second-generation members or beyond in leadership positions, indicating intergenerational wealth transfer is actively underway. With an increasing number of older generations seeking to pass wealth to their successors, Hong Kong can serve as the optimal hub for this process, supported by its streamlined tax system and sophisticated professional services that facilitate intergenerational transfers.”

Investment Preferences

Regarding investment preferences, reducing US exposure and refocusing on Hong Kong emerge as the primary geographical themes among SFO respondents. They also expressed optimism towards the Chinese Mainland market and the broader Asia-Pacific region. Sectorally, technology/media and healthcare are the most favoured areas for future positioning, with artificial intelligence (AI) proving particularly popular as an investment theme. While traditional asset classes such as public equities remain core holdings, alternative assets are gaining prominence. Private equity leads the current alternative space, with growing interest in digital assets. These trends are largely mirrored among MFO clients.

Deloitte China International Tax Partner Roy Phan says, “Hong Kong is witnessing strong renewed interest, with all SFO respondents planning to either increase (60%) or maintain (40%) their positions in the city over the next three years and none considering reductions. This bullish outlook reflects both Hong Kong’s convincing stock market performance last year and respondents’ overwhelming recognition of the city's mature capital markets as a key attraction to family offices.”

Economic and Social Contributions

Beyond investments, family offices contribute substantially through other economic and social channels. From an economic perspective, we estimate that SFOs in Hong Kong collectively contribute about HK$12.6 billion annually to the local economy through operating expenditure alone, and that they directly employ over 10,000 full-time professionals within their operations. The actual impact is likely greater when factoring in MFOs and other service providers that serve family office clients.

Deloitte China Hong Kong Consulting Partner Rita Chan says, “Family offices drive substantial local spending through operational expenditure such as office leases, professional salaries, utilities, and asset management fees. The majority of the surveyed SFOs (74%) and MFOs (94%) are planning to expand their operations in Hong Kong, with many set to boost staffing levels, expand and upgrade their office space, and deploy AI to optimise operations.”

On social aspects, family offices actively engage in philanthropic activities in Hong Kong, with education and healthcare among the popular charitable causes. Philanthropy for many family offices goes beyond cheque-writing, as they also provide direct operational support and strategic guidance to maximise social impact. This local engagement extends to education, where children of family members and executives attend Hong Kong schools at various levels, both benefiting from and contributing to the city's internationally recognised education system.

Government Support and Competitive Landscape

Hong Kong's position as a leading family office destination reflects both strong government support and inherent market advantages that distinguish it from competing financial centres.

Anthony Lau says, “Tax concessions are considered the most important government measure for family office development, with nearly all survey respondents viewing them as either 'very significant', 'significant', or 'somewhat significant'. The current tax regime provides family-owned investment holding vehicles (FIHVs) managed by SFOs with tax concessions on profits from qualifying investments, and a planned expansion in 2026 will also broaden the coverage of tax-exempt investments to include digital assets, loans, private credit investments and other investment types.” Beyond tax, government support also covers investment facilitation, talent attraction and ecosystem building, with initiatives targeting both family offices and the broader financial sector.

Regarding Hong Kong's competitive strengths as a family office destination, its tax efficiency and favourable tax regime are regarded as the standout advantage, with 90% of all survey respondents identifying this as a key strength, closely followed by the city's mature capital markets (85%). Hong Kong’s proximity and access to the Chinese Mainland also ranks as a crucial differentiator (72%), reflecting Hong Kong's strategic positioning as the country's 'super connector' and 'super value-adder'.

Rita Chan says, “During interviews, respondents frequently compared Hong Kong favourably to Singapore, with families indicating a preference for SFO establishment in the former and financial institutions reporting client migration from the latter.” This preference reflects Hong Kong’s user-friendly family office and residency frameworks, with interviewees highlighting the ease of family office establishment and residency application that enhances efficiency.

As global wealth increasingly recognises Hong Kong as a preferred family office destination, the city's unique strengths and positioning provide a compelling foundation for sustained growth. Alongside successful attraction efforts, interviewees in general believe that Hong Kong would benefit from increased attention to embedding these family offices into the city's broader economic and social fabric.

Anthony Lau adds, “The findings suggest that Hong Kong's family office ecosystem has evolved beyond simply increasing the number of family offices and is now focused on integrating family capital, family businesses and next generations into the city's long-term development. The opportunity is clear: by further strengthening talent, infrastructure and stakeholder networks, Hong Kong can reinforce its leadership and convert growing interest into enduring success.”

Click here for the full market study report.

[1] Family offices generally fall into two categories: SFOs and MFOs. An SFO arrangement is established to serve the needs of members of a single family, while an MFO serves more than one wealthy family. While Hong Kong has a vibrant ecosystem for both types of family offices, this estimate focuses on SFOs only.