Asia’s rapid growth as a global economic leader has led to a surge in wealth creation in the region. As a result, this area has become a prime destination for Family Offices looking to take advantage of new opportunities, with Hong Kong and Singapore as the main contenders for the title of Asia’s top Family Office destination.

According to a report by McKinsey & Company, the number of Family Offices in Hong Kong and Singapore, the two largest Family Office hubs in Asia, has quadrupled since 2020. In the next couple of years, this region is set to experience an intergenerational wealth transfer estimated at USD$5.8 trillion.

Driven by favourable tax regimes, political stability and access to a growing market of wealthy individuals, Hong Kong and Singapore have witnessed a significant influx of Family Offices. These two cities offer a great environment for wealth management, investment and operational bases. Choosing between the two often depends on the unique needs and strategies of each Family Office.

Hong Kong: A Gateway to Mainland China

Hong Kong’s proximity to Mainland China is appealing for Family Offices looking to access one of the world's largest and fastest-growing economies. Its location provides unmatched access to the Chinese market, making it a prime spot for investments and business ventures.

Besides its geographic benefits, Hong Kong boasts a world-class financial infrastructure, supported by a robust banking sector and capital markets.

Key benefits of establishing a Family Office in Hong Kong:

  • Low Tax Regime: Hong Kong’s new tax breaks for eligible Family Offices managing family-owned investment holding vehicles, have significantly enhanced its appeal. The jurisdiction’s absence of sales tax, value-added tax, capital gains tax and withholding tax on dividends and interest makes it a tax-efficient environment for wealth management.
  • Business-Friendly Jurisdiction: Hong Kong has consistently been ranked as one of the most business-friendly jurisdictions in Asia, reflecting its supportive regulatory environment and ease of doing business. Government efforts to attract Family Offices have resulted in initiatives like The Network, which is a dedicated service provider network for Family Offices, aimed at increasing their presence in the city.
  • Strategic Hub in Asia: Hong Kong’s key position as an entry point to mainland China and the wider Asian market is unparalleled. Its advanced transportation infrastructure and solid business networks make investing and trading within the region easier.
  • Strong Financial Hub: Hong Kong is well known as a global financial centre. It is home to numerous leading banks, asset managers and fund managers, providing a complex environment for managing wealth and investments.

Singapore: A Tax Haven and Regional Hub

Singapore has been a long-term competitor to Hong Kong, with a strong combination of tax efficiency and political stability. Its favourable tax policies, such as exemptions on foreign-sourced income and attractive estate tax conditions, make it very attractive to wealthy families. Additionally, Singapore’s clear practices, business-friendly environment and stable politics create a secure and supportive foundation for Family Offices to thrive.

Key benefits of establishing a Family Office in Singapore:

  • Business-Friendly Jurisdiction: Singapore consistently ranks high in global indices for ease of doing business, providing a streamlined environment for Family Offices to grow their operations.
  • Political and Economic Stability: Known as one of the world's strongest economies, Singapore offers a stable political climate, low corruption rates and transparent public institutions, creating a secure environment for Family Offices.
  • Legal and Transparent System: The country’s transparent legal system and strong enforcement ensure a fair business environment.
  • Strategic Location: Singapore’s central location in Southeast Asia offers easy access to emerging markets like Indonesia and Thailand.
  • Attractive Tax and Regulatory Regimes: The government provides various tax incentives and favourable regulatory frameworks to attract Family Offices.

A Comparative Overview

Both Hong Kong and Singapore have their unique strengths. Family Offices looking to access the Chinese market may often prefer Hong Kong, given its proximity and strong connections to China. Meanwhile, those prioritising tax benefits and opportunities for regional growth tend to choose Singapore.

People are the biggest asset for Family Offices looking to relocate to these two cities. Hong Kong has a longer history of hosting Family Offices, the city benefits from a deep local talent pool consisting of experienced professionals, in multiple disciplines such as investment, tax and trust. Its relatively lenient immigration policies also make it easier to attract and retain international talent.

In contrast, Singapore faces a relative shortage of experienced Family Office professionals, especially within mid-to-senior level roles. As the country is more geared towards wealth management, there are plenty of candidates from the traditional wealth management industry rather than candidates that serve the specialised needs of Family Offices. Furthermore, Singapore's immigration policies, while supportive of high-skilled professionals, can be more stringent for mid-level talent, making it challenging to attract and retain talent from overseas.

On the other hand, Hong Kong’s recent political unrest could deter some Family Offices. Whereas Singapore, usually celebrated for its stability, has introduced several restrictions on Family Office operations in recent years. The Monetary Authority of Singapore (MAS) has tightened the criteria for Single Family Office fund vehicles applying for tax exemptions under sections 13O and 13U last year. For more details, please visit:

Singapore’s revised tax incentives pose challenges to Family Office recruitment

Singapore continues to tighten rules on Family Offices

The choice between Hong Kong and Singapore ultimately depends on the specific needs and goals of each Family Office. Some may prioritise being close to China’s booming economy, while others might value a place with favourable tax laws and political stability more. As Asia's wealth increases, it’s likely we will see other cities become important for Family Offices too. But for now, Hong Kong and Singapore lead the way in the sector.

As more Family Offices are set up in the region, there’s a growing demand for skilled professionals. Family Offices require a team of dedicated professionals for various roles. However, due to their limited size and resources, finding and retaining the industry’s best talent can be challenging, impacting their ability to serve their clients well.

Agreus is a specialist resource and recruitment consultancy, focused on working exclusively with Family Offices. We have placed professionals from executive to entry-level positions in investment, legal, finance, and operational roles worldwide. Thanks to our in-depth understanding of Family Offices, Agreus does not just find the right candidates but also advises on compensation and retention.

With a presence in the Asia-Pacific region, including an office in Singapore, Agreus is your partner whether you’re looking for great talent or seeking new opportunities. Get in touch for a personalised conversation or explore available positions at Agreus Jobs.