
In March and May 2023, the Hong Kong government announced a series of policy measures and tax incentives to offer profit tax reductions for family investment control tools managed by single-family offices. These measures are designed to attract more high-net-worth families to Hong Kong, further enhancing Hong Kong's competitiveness as an Asian wealth management center.
The CEO of UBS Group stated:
"The wealth management business in Hong Kong is growing at a rate of 7.6% annually, and it is expected that Hong Kong will surpass Switzerland and become the world's leading wealth management center by 2027 or earlier."
Origin of Family Offices
The family office (FO) originated in the 19th century and was first created by the Rockefeller family, the American oil magnates.
Top 10 Family Offices Globally
Rank | Family Office | Total Assets (USD) | Representative Figures or Companies |
1 | Walton Enterprises LLC | 224.5 billion | Walmart founder Sam Walton |
2 | Cascade Investment | 170 billion | Microsoft founder Bill Gates |
3 | Bezos Expeditions | 107.8 billion | Amazon founder Jeff Bezos |
4 | Bayshore Global Management | 100 billion | Google co-founder Sergey Brin |
5 | Pontegadea Inversiones | 97.8 billion | Zara founder Amancio Ortega |
6 | Mousse Partners | 89 billion | Chanel family |
7 | Ballmer Group | 85 billion | Former Microsoft CEO Steve Ballmer |
8 | Waycrosse | 65.2 billion | Cargill family (grain magnates) |
9 | Fedesa | 55 billion | Ferrero Group Giovanni Ferrero |
10 | The Woodbridge Company | 53.9 billion | Media tycoon Roy Thomson |
With the rapid growth of ultra-high-net-worth families and their unique service advantages, this service model has become increasingly popular among ultra-high-net-worth families globally.
What is a Family Office?

A family office is an advisory organization that provides comprehensive wealth management and other professional services to wealthy families. Its core goal is to create wealth management plans that ensure the long-term maintenance of family interests and sustainable wealth growth.
Compared to traditional wealth management institutions, family offices offer a broader and more refined range of services, covering the following areas:
Family Governance
Financial Planning
Legal Consulting
Risk Management
Accounting and Tax Planning
Philanthropy Management
Through a one-stop service, family offices can fully meet the needs of clients in wealth management, legacy planning, and other areas.
Types of Family Offices
Family offices can be primarily divided into two types based on their service objects and operating models:
Single-family office, SFO | Multi Family Office, MFO | |
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Threshold for Family Offices in Hong Kong
Minimum asset threshold: HKD 240 million
At least two full-time employees with relevant experience
Annual management fees of about HKD 2 million
Annual reporting required
Physical management and control must be conducted in Hong Kong
The number of entities managed cannot exceed 50
For middle-class families, besides focusing on wealth inheritance, they also need to consider asset appreciation, children’s education savings, and retirement planning. As long as they have a certain asset size, clear wealth management goals, or a family business to manage, they can consider using family office services.
Conclusion
As an economic hub in Asia, Hong Kong has the following advantages, making it an ideal choice for global family offices:
A well-established business environment
Low tax rates and tax incentives
Highly liquid financial market network
World-class infrastructure
Sound legal system
Abundant high-end financial and legal professionals
If you are planning to set up a family office, feel free to contact Oceanus Strategic. Our team will provide professional advice. We will publish more interesting articles in the future, so remember to subscribe to our official account to stay updated with the latest news.
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