2025 Hong Kong Family Office Development Report
Reporting Institution: Pridebay (the world’s leading research institution on the lifestyle of ultra-high-net-worth individuals)
Report Date: December 2025
Abstract: Based on global ultra-high-net-worth individual (UHNWI) wealth management trends, Hong Kong’s financial market dynamics, and family office industry practices, combined with official data and field research, this report by Pridebay comprehensively analyzes the development status, core characteristics, policy dividends, industry challenges, and future trends of Hong Kong’s family offices in 2025. Leveraging its unique advantage of being backed by the motherland and connected to the world under the "One Country, Two Systems" principle, coupled with continuously optimized policy support and a mature financial ecosystem, Hong Kong has achieved steady growth in the number of family offices in 2025, becoming one of the core hubs for global ultra-high-net-worth families’ wealth inheritance and asset allocation. This report aims to provide professional reference for global ultra-high-net-worth individuals, family office practitioners, and financial service institutions, and interpret the development logic and core value of Hong Kong’s family offices.
I. Preface: The Value Positioning of Hong Kong Family Offices in the Global Wealth Pattern
In 2025, the global economy is gradually recovering but still faces uncertainties, with adjustments in the geopolitical pattern and increased asset volatility. Ultra-high-net-worth families have an increasingly urgent demand for "preservation, appreciation, and inheritance" of wealth, and family offices, as professional carriers of wealth management and family governance, continue to highlight their core value. As an Asian financial hub, Hong Kong, with its mature legal system, preferential tax policies, international service network, and in-depth linkage with the mainland market, has become the preferred destination for global family offices to layout in the Asia-Pacific region.
Pridebay’s research shows that the number of global ultra-high-net-worth individuals grew steadily in 2025, with the Asia-Pacific region accounting for more than 40%. As a core node of wealth management in the Asia-Pacific region, Hong Kong is home to the second-largest number of ultra-high-net-worth individuals in the world, with its asset management scale remaining at the forefront globally, providing a solid customer base and market space for the development of the family office industry. Based on Pridebay’s global UHNWI database, official data released by the Hong Kong Special Administrative Region (HKSAR) Government, Deloitte’s research results, and industry interviews, this report comprehensively presents the overall development of Hong Kong’s family offices in 2025.
II. Core Status of Hong Kong Family Office Development in 2025
(I) Industry Scale: Steady Growth in Quantity and Prominent Economic Benefits
By the end of 2025, the number of Single Family Offices (SFOs) in Hong Kong had exceeded 3,380, an increase of 681 compared with 2,703 at the end of 2023, representing a growth rate of more than 25% over two years, showing a steady growth momentum. This growth momentum is not only driven by the policies of the HKSAR Government but also reflects the recognition and layout willingness of global ultra-high-net-worth families in the Hong Kong market.
In terms of industry contribution, Hong Kong’s SFOs have become an important growth driver for the local economy. According to research estimates, these SFOs directly employ more than 10,000 full-time professionals locally, and their operating expenses bring about HK$12.6 billion in annual revenue to the Hong Kong economy. If combined with Multi-Family Offices (MFOs) and other institutions providing services to family offices (such as private banks, law firms, and accounting firms), the actual economic benefits brought by them are even more considerable, forming a complete ecological chain covering "family offices + professional services" and driving the employment and development of related industries.
In addition, Hong Kong’s asset management scale continues to expand, reaching HK$35 trillion by the end of 2024, a year-on-year increase of 13%, and the net capital inflow surged by more than 80% to HK$705 billion. This provides a broad market space for the asset allocation of family offices and further consolidates Hong Kong’s position as a global hub for asset and wealth management.
(II) Core Characteristics: Diversified Regions and Industries, and Prominent Inheritance Needs
1. Diversified Wealth Sources and Distinctive Cross-Border Linkage Characteristics
In 2025, the sources of wealth of Hong Kong’s family offices showed distinct regional and industrial diversity. Combining Deloitte’s research data, Pridebay found that among the surveyed SFOs, 38 had wealth from the Chinese mainland, 19 from Hong Kong, and the rest from Europe, other Asia-Pacific regions, the Americas, and the Middle East, reflecting Hong Kong’s inclusiveness as a cross-border wealth hub.
In terms of industry distribution, finance, industry, and real estate accounted for half of the wealth sources of the surveyed SFOs, remaining the core wealth pillars. At the same time, the proportion of wealth from emerging industries such as technology/media and healthcare continued to rise, becoming new growth points for the wealth sources of family offices. Moreover, the industry distribution of MFO clients was highly consistent with that of SFOs, reflecting the driving role of emerging industries in the wealth accumulation of ultra-high-net-worth families.
2. Family Inheritance Enters a Critical Period, with Accelerated Intergenerational Transition
In 2025, the demand for family inheritance of Hong Kong’s family offices became increasingly urgent, and cross-generational wealth transfer entered an accelerated phase. Research shows that more than half of the surveyed SFOs were still led by the first generation of wealth creators, but the trend of intergenerational transition was obvious: 40% of SFOs had second-generation members in management positions, 13% had third-generation participation, and 4% had fourth-generation and beyond members joining.
From the perspective of the wealth inheritance trend in the Asia-Pacific region, US$5.8 trillion of wealth in the Asia-Pacific region will face inheritance by 2030. This has brought huge development opportunities for Hong Kong’s family offices and also promoted the extension of family office services from simple asset allocation to diversified directions such as family governance, intergenerational training, and value inheritance, such as assisting families in formulating succession plans and carrying out financial and management training for the next generation.
3. Differentiated Operation Models, with MFOs as an Important Supplement
In 2025, SFOs still dominated Hong Kong’s family office sector. These institutions mainly serve members of a single family, do not need to apply for a license from the Securities and Futures Commission (SFC) of Hong Kong, have high operational flexibility, and are suitable for families with assets of ≥ US$30 million. MFOs, on the other hand, mainly serve multiple ultra-high-net-worth families and need to apply for Type 1 (securities trading), Type 4 (securities advice), and Type 9 (asset management) licenses according to their business scope, with a process of about 6 months and a threshold as low as US$25 million, becoming an important channel for small and medium-sized ultra-high-net-worth families to obtain professional wealth management services.
Research shows that 94% of MFOs provide investment management services, 78% provide family governance and inheritance planning services, and 86% have business locations outside Hong Kong, with the Chinese mainland and Singapore as the core layout destinations, forming an operation model of "local operation + cross-border services". They complement SFOs and enrich the industry ecology of Hong Kong’s family offices.
(III) Investment Trends: Regional Reallocation, Industry Focus, and Diversified Asset Allocation
In 2025, the asset allocation of Hong Kong’s family offices showed distinct characteristics of "regional reallocation, industry focus, asset diversification, and emerging themes". The core logic centered on "spreading risks and seizing growth opportunities", which was closely aligned with the global economic pattern and Asia-Pacific market trends.
1. Regional Allocation: Focus on Hong Kong and the Chinese Mainland, Reducing Dependence on a Single Market
Affected by global geopolitical uncertainties, Hong Kong’s family offices generally reduced their investment exposure to the US market, while Hong Kong was the only region with zero reduction, with 60% of the surveyed family offices planning to increase their allocation of Hong Kong market assets. At the same time, the Chinese mainland and other Asia-Pacific regions became key layout directions, and diversified regional investment became the core strategy. It not only relies on Hong Kong’s financial advantages but also takes advantage of the high growth potential of the mainland market to achieve "cross-border linkage and two-way layout".
2. Industry Layout: Focus on Emerging Industries, Reducing Allocation in Traditional Real Estate
In terms of industry allocation, Hong Kong’s family offices showed a trend of "abandoning traditional industries and pursuing emerging ones". Technology/media and healthcare became the core layout directions for the future, with 54% of the surveyed SFOs planning to increase their allocation in the technology/media industry and 42% optimistic about the healthcare sector, reflecting the recognition of ultra-high-net-worth families for the growth potential of emerging industries. Affected by market adjustments, 22% of the surveyed family offices planned to reduce their allocation in the real estate industry, reflecting a prudent attitude towards traditional cyclical industries.
3. Asset Classes: Rise of Alternative Assets, Digital Assets Gaining Popularity
In terms of asset allocation structure, traditional public market stocks still dominated, but alternative assets grew rapidly, becoming an important tool for family offices to spread risks and improve returns. Among them, private equity was the preferred alternative investment at present, while the attention on digital assets soared, with 40% of the surveyed family offices planning to increase their allocation of digital assets, second only to public market stocks, becoming a new hot spot in asset allocation. In addition, precious metals, loans, private debt investments, etc., have gradually entered the allocation perspective of family offices, and it is expected to further expand with policy optimization in the future.
4. Investment Themes: Focus on Cutting-Edge Fields, Trend Led by the Younger Generation
Among emerging investment themes, artificial intelligence and data science were the most sought-after, with 62% of the surveyed SFOs planning to increase their allocation in this field, and family offices led by the younger generation had a higher willingness to invest in this field. At the same time, cutting-edge fields such as life and health technology and fintech also became key layout areas, reflecting the emphasis of family offices on technology-driven growth and the impact of the younger generation on the investment philosophy of family wealth.
III. Core Drivers of Hong Kong Family Office Development in 2025
(I) Sustained Release of Policy Dividends and Continuous Optimization of the Business Environment
In 2025, the HKSAR Government continued to introduce targeted policies to create a favorable environment for the development of the family office industry, becoming the core driver of industry growth. As early as 2023, the HKSAR Government issued a Policy Statement, launching eight supporting measures, including providing tax incentives, introducing the "New Capital Investment Entrant Scheme", and establishing the Hong Kong Academy of Wealth Inheritance, laying a policy foundation for the development of the family office industry.
In terms of tax incentives, eligible SFOs can enjoy full exemption from profits tax, with conditions including a total managed asset value of ≥ HK$240 million, annual local operating expenses of ≥ HK$2 million, employment of at least 2 qualified full-time employees, and the Family Investment Holding Vehicle (FIHV) must be centrally managed in Hong Kong. At the same time, the HKSAR Government plans to submit legislative proposals in the first half of 2026 to expand the scope of eligible investments for the preferential tax system for funds and SFOs, covering precious metals, loans, private debt investments, and digital assets, further enhancing the attractiveness of the Hong Kong market.
In terms of talent policies, the "New Capital Investment Entrant Scheme" was continuously optimized. Eligible investment assets held by private companies wholly owned by applicants and managed by qualified SFOs can be included in the eligible investment amount, and applicants can apply for Hong Kong permanent resident status after meeting the residence requirements, facilitating the entry of senior executives and core talents of family offices. In addition, the establishment of the Hong Kong Academy of Wealth Inheritance also provides support for the training of professional talents in the industry, helping to alleviate the pressure of talent shortage.
In terms of promotion and support, the FamilyOfficeHK dedicated team of Invest Hong Kong expanded its functions, established a network of family office service providers, organized roadshows and promotion activities in major global markets (such as the Chinese mainland, Europe, and ASEAN), and held the annual "Wealth for Hong Kong" Summit Forum, gathering global family office decision-makers, effectively enhancing Hong Kong’s global influence as a family office hub. By September 2025, the number of family offices assisted by Invest Hong Kong to settle in or expand their business in Hong Kong had exceeded 200, exceeding the target set in the 2022 Policy Address ahead of schedule, demonstrating the effectiveness of policy promotion.
(II) Irreplaceable Location Advantage and Prominent Cross-Border Linkage Value
Under the "One Country, Two Systems" principle, Hong Kong has a unique location advantage of being backed by the motherland and connected to the world, which is its core competitiveness in attracting global family offices to layout. On the one hand, Hong Kong has in-depth linkage with the Chinese mainland market, which can provide family offices with convenient channels for asset allocation in the mainland, seize growth opportunities in emerging industries, consumption upgrading and other fields in the mainland, and become a "bridgehead" for ultra-high-net-worth families to layout in the mainland market. On the other hand, as an international financial center, Hong Kong has a mature financial market, a sound legal system, free capital flow, and an international professional service network, which can meet the needs of family offices for cross-border asset allocation and global wealth management, realizing an operation layout of "based in Hong Kong and radiating the world".
In addition, Hong Kong has a profound foundation of more than 100 years of private wealth management, gathering a large number of professional financial, legal, and accounting talents, which can provide comprehensive professional services for family offices, covering asset allocation, tax planning, family governance, charitable planning and other fields, forming a sound industry ecology and further strengthening its location advantage.
(III) Upgraded Demand of Ultra-High-Net-Worth Groups and Continuous Expansion of Industry Demand
In 2025, the wealth management needs of global ultra-high-net-worth groups showed a trend of "diversification, specialization, and long-termization". They were no longer limited to traditional asset preservation and appreciation, but paid more attention to multiple dimensions such as family governance, intergenerational inheritance, risk isolation, and charitable public welfare, which provided a broad demand space for the development of the family office industry.
Pridebay’s research shows that the core needs of ultra-high-net-worth families for family offices are concentrated in four aspects: first, the specialization of asset allocation, requiring family offices to have a global perspective, formulate flexible investment strategies according to market changes, spread risks and improve returns; second, the systematization of family inheritance, needing to assist families in formulating succession plans, cultivating the next generation of management talents, and realizing the intergenerational inheritance of wealth and values; third, compliance and risk isolation, relying on Hong Kong’s sound legal system to separate family assets from enterprise assets and avoid potential risks; fourth, personalized services, providing customized tax planning, charitable planning, lifestyle management and other services according to the unique needs of families, highlighting family characteristics.
IV. Industry Challenges Faced by Hong Kong Family Offices in 2025
(I) Severe Talent Shortage and Unbalanced Talent Structure
Despite the rapid growth of Hong Kong’s family office industry, the shortage of professional talents has become a prominent bottleneck restricting its high-quality development. Pridebay’s industry interviews show that more than 70% of SFOs and MFOs in Hong Kong regard "talent recruitment and retention" as their top operational challenge. The core demand is for composite talents who master cross-border asset allocation, tax planning, family governance, and cross-cultural communication, but such talents are in short supply in the market.
On the one hand, the talent structure is unbalanced: there are more professionals in traditional asset management fields (such as securities and bonds), but fewer talents in emerging fields such as digital asset management, ESG investment, and intergenerational inheritance planning. On the other hand, the competition for talents is fierce. International financial centers such as Singapore, London, and New York are also actively attracting global family office talents, and Hong Kong is facing the pressure of talent outflow. In addition, the training cycle of family office professionals is long, and the existing talent training system (such as the Hong Kong Academy of Wealth Inheritance) is still in the development stage, which is difficult to meet the rapid growth of industry demand in the short term.
(II) Intensified Industry Competition and Homogenization of Services
With the continuous influx of global family offices into Hong Kong, the industry competition has become increasingly fierce, and the problem of service homogenization has become increasingly prominent. Most family offices focus on traditional asset allocation services, such as stock, bond, and private equity investment, and lack differentiated competitive advantages. Especially for small and medium-sized MFOs, due to limited resources and capabilities, they are difficult to compete with large MFOs and international private banks in terms of investment channels and service scale, and face the risk of being eliminated in the market competition.
In addition, the entry threshold of SFOs is relatively low (no need to apply for an SFC license), which has led to the emergence of some institutions with uneven professional capabilities in the market. These institutions lack standardized operation processes and professional service capabilities, which not only affects the overall reputation of the industry but also increases the difficulty for ultra-high-net-worth families to choose reliable family office services.
(III) Uncertainties in Global Market and Regulatory Risks
In 2025, the global economic and geopolitical environment is still full of uncertainties, which brings great challenges to the asset allocation of Hong Kong’s family offices. The volatility of global financial markets, the adjustment of monetary policies of major economies, and the escalation of regional geopolitical conflicts may lead to the depreciation of family wealth and affect the investment returns of family offices. At the same time, the cross-border asset allocation business of family offices also faces the risk of exchange rate fluctuations, which increases the difficulty of risk control.
In terms of regulation, although the HKSAR Government has introduced a series of supportive policies, the global regulatory environment for family offices is becoming increasingly strict. Countries and regions around the world are strengthening the regulation of cross-border capital flows, tax transparency, and anti-money laundering, which requires family offices to continuously improve their compliance management capabilities. For family offices with cross-border business, how to adapt to the regulatory requirements of different countries and regions and avoid regulatory risks has become an important challenge.
(IV) Challenges in Intergenerational Inheritance and Family Governance
Although the demand for intergenerational inheritance of family offices is increasing, the actual implementation process faces many challenges. On the one hand, there are differences in concepts and investment philosophies between the first generation of wealth creators and the younger generation. The first generation is more inclined to prudent investment and wealth preservation, while the younger generation pays more attention to emerging fields such as technology and ESG investment, which may lead to conflicts in family decision-making. On the other hand, the younger generation’s ability to manage family wealth and family governance is uneven, and some of them lack professional financial and management knowledge, which makes it difficult to take over the management of family offices smoothly.
In addition, family conflicts (such as property division and power struggle) also affect the smooth progress of intergenerational inheritance. Many family offices lack a sound family governance mechanism and conflict resolution mechanism, which makes it difficult to coordinate the interests of all family members and ensure the long-term stability of family wealth inheritance.
V. Future Trends of Hong Kong Family Offices (2026-2030)
(I) Continuous Growth of Industry Scale and Optimization of Industry Ecology
Pridebay predicts that Hong Kong’s family office industry will maintain a steady growth trend in the next five years. By 2030, the number of SFOs in Hong Kong is expected to exceed 5,000, and the total asset management scale of family offices will account for more than 30% of Hong Kong’s total asset management scale. With the continuous optimization of policies such as the expansion of the preferential tax system and the improvement of the talent training system, the industry ecology will be further improved, forming a more perfect industrial chain covering family offices, professional service institutions, and regulatory authorities.
At the same time, the industry will usher in a wave of integration and elimination. Small and medium-sized MFOs with homogenized services and weak professional capabilities will be gradually eliminated, while large MFOs and SFOs with strong professional capabilities, rich service experience, and differentiated competitive advantages will continue to expand their scale and influence, promoting the concentration of the industry to increase.
(II) Diversification and Refinement of Service Content
In response to the upgraded needs of ultra-high-net-worth families, the service content of Hong Kong’s family offices will tend to be more diversified and refined, breaking away from the single asset allocation model. In the future, family offices will focus more on family governance, intergenerational training, charitable planning, lifestyle management, and other fields, providing one-stop comprehensive services for families.
Specifically, intergenerational training will become a core service. Family offices will customize personalized training plans for the younger generation, covering financial knowledge, management capabilities, and family values, helping the younger generation grow into qualified family wealth managers. Charitable planning will also develop rapidly. With the improvement of the social responsibility awareness of ultra-high-net-worth families, family offices will assist families in formulating charitable strategies, carrying out charitable projects, and realizing the social value of family wealth. In addition, personalized services such as global lifestyle management (including travel, education, medical care, and asset inheritance) will also become an important part of family office services, meeting the diversified needs of families.
(III) Deep Integration of Technology and Industry, Rise of Digital Transformation
Technology will become an important driving force for the development of Hong Kong’s family office industry. In the next five years, more family offices will accelerate digital transformation, using artificial intelligence, big data, blockchain, and other technologies to improve service efficiency and risk control capabilities. For example, using big data to analyze market trends and formulate more scientific investment strategies; using artificial intelligence to optimize asset allocation and realize intelligent risk early warning; using blockchain technology to improve the transparency and security of cross-border capital flows and asset management.
At the same time, digital assets will become an important part of the asset allocation of family offices. With the optimization of Hong Kong’s regulatory policies on digital assets, more family offices will increase their allocation of digital assets, and the service of digital asset management will become a key competitive point of family offices. In addition, the application of fintech will also promote the innovation of family office service models, such as online consulting, intelligent asset management, and other services, improving the convenience and efficiency of services.
(IV) Strengthened Cross-Border Cooperation and Deepened Linkage with the Chinese Mainland
Under the "One Country, Two Systems" principle, Hong Kong’s family offices will further strengthen cross-border cooperation and deepen linkage with the Chinese mainland market. On the one hand, they will actively layout the mainland market, seize the growth opportunities of the mainland’s emerging industries, consumption upgrading, and other fields, and provide professional wealth management and inheritance services for mainland ultra-high-net-worth families. On the other hand, they will strengthen cooperation with mainland financial institutions, law firms, and accounting firms, forming a cross-border service network and realizing resource sharing and complementary advantages.
In addition, Hong Kong’s family offices will also strengthen cooperation with family offices in other Asian countries and regions (such as Singapore, Japan, and South Korea), jointly responding to global market uncertainties, expanding investment channels, and promoting the development of the Asia-Pacific family office industry. With the continuous improvement of the cross-border investment and financing environment, Hong Kong will become an important bridge for global family offices to layout the Asia-Pacific region.
(V) Continuous Improvement of ESG Investment and Sustainable Development Awareness
ESG (Environmental, Social, Governance) investment will become a mainstream trend in the asset allocation of Hong Kong’s family offices. In the next five years, more family offices will integrate ESG concepts into their investment decision-making, focusing on investing in enterprises with good environmental protection, social responsibility, and corporate governance performance, realizing the dual goals of wealth appreciation and social value. Pridebay’s research shows that more than 80% of ultra-high-net-worth families are willing to accept lower investment returns in exchange for more sustainable and socially responsible investment projects.
In addition, family offices will also pay more attention to sustainable development, assisting families in formulating green investment strategies, carrying out environmental protection and public welfare projects, and promoting the integration of family wealth and sustainable development. The HKSAR Government will also introduce relevant policies to support the development of ESG investment, providing policy guarantees for family offices to carry out ESG-related businesses.
VI. Conclusion
In 2025, against the background of the gradual recovery of the global economy and the accelerated adjustment of the wealth pattern, Hong Kong’s family office industry has achieved steady growth, with continuous expansion of industry scale, increasingly diversified service content, and prominent cross-border linkage value. Relying on the unique advantages of "One Country, Two Systems", the sustained release of policy dividends, the mature financial ecosystem, and the upgraded demand of ultra-high-net-worth families, Hong Kong has become one of the core hubs for global family offices to layout in the Asia-Pacific region, playing an important role in global wealth inheritance and asset allocation.
At the same time, Hong Kong’s family office industry also faces many challenges, such as talent shortage, intensified market competition, global market uncertainties, and difficulties in intergenerational inheritance. However, with the continuous optimization of policies, the improvement of the industry ecology, the deep integration of technology, and the strengthening of cross-border cooperation, the industry will usher in broader development space in the next five years. It is expected that Hong Kong’s family offices will continue to play their unique advantages, continuously improve their professional capabilities and service levels, and become an important force promoting the development of Hong Kong’s financial industry and the global wealth management market.
For global ultra-high-net-worth families, Hong Kong’s family offices provide a professional platform for wealth preservation, appreciation, and inheritance, and are the preferred choice for layout in the Asia-Pacific region. For family office practitioners and financial service institutions, Hong Kong’s family office industry provides huge development opportunities, and they need to continuously innovate service models, improve professional capabilities, and keep up with industry development trends to achieve win-win development.
Pridebay will continue to pay attention to the development dynamics of Hong Kong’s family office industry, conduct in-depth research on industry trends and user needs, and provide more professional research reports and consulting services for global ultra-high-net-worth individuals, family office practitioners, and financial service institutions, helping the healthy and sustainable development of the industry.
