Hong Kong's Family Office Sector Thrives with Growth in Philanthropy and Impact Investing, New Report Reveals

Report on "Beyond Wealth: Advancing Hong Kong's Family Office Ecosystem Through Philanthropy, Impact Investing, and Risk Management"

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), today (March 10) released a new Applied Research report, titled "Beyond Wealth: Advancing Hong Kong's Family Office Ecosystem Through Philanthropy, Impact Investing, and Risk Management".

Based on a survey and interviews with industry stakeholders (Note), this report explores the development trends of the family office (FO) sector in Hong Kong. The report points out that the Hong Kong FO sector exhibits strong growth momentum. In addition to traditional wealth management, the increasing demand for philanthropy, impact investing, and risk management strategies has become the main growth area for the future.

Hong Kong's appeal as a premier FO destination is increasingly evident, with 91 per cent of survey respondents already invested in the city, citing its favourable regulatory framework, free flow of capital, deep capital markets, and competitive tax regime. The report also shows that FOs are planning to deepen their involvement in philanthropy and impact investing over the next few years. Philanthropic participation is projected to increase from 45per cent to 64 per cent, and impact investing from 30per cent to 43per cent - levels that align with global trends. Meanwhile, FOs' demand for risk management products and services is expected to continue to increase.

Hong Kong is well positioned to benefit from this growing interest, with its unique combination of financial expertise, international connectivity, and established charitable infrastructure.

Building on these findings, the report outlines considerations to further enhance Hong Kong's FO ecosystem, including leveraging the cross-industry support network within the Guangdong-Hong Kong-Macao Greater Bay Area, advancing the development of Private Social Investments to enable FOs to achieve sustainable financial returns alongside meaningful environmental and social impact, and promoting talent developments.

The Chief Executive Officer of the AoF and the Executive Director of the HKIMR, Mr Enoch Fung,said, "As Hong Kong solidifies its position as a leading hub for family offices in Asia, this report aims to offer valuable insights for industry participants to cultivate a thriving and sustainable FO ecosystem and to facilitate long-term growth in the financial services sector."

The report is available on the AoF/HKIMR website.

About the AoF

The AoF is set up with full collaboration amongst the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. By bringing together the strengths of the industry, the regulatory community, professional bodies and the academia, it aims to serve as (i) a centre of excellence for developing financial leadership; and (ii) a repository of knowledge in monetary and financial research, including applied research.

About the HKIMR

The HKIMR is the research arm of the AoF. Its main remit is to conduct research in the fields of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asia region. The Applied Research studies undertaken by the HKIMR are on topics that are highly relevant to the financial industry and regulators in Hong Kong, and they aim to provide insights on the long-term development strategy and direction of Hong Kong's financial industry.

Note: Conducted through surveys and interviews, the report collates and analyses the views of key industry stakeholders - including current and prospective family office principals, financial institutions, industry associations, market practitioners, and academic researchers - to understand their perspectives on the current operations, future directions, and talent requirements of family offices.

The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), today (March 10) released a new Applied Research report, titled "Beyond Wealth: Advancing Hong Kong's Family Office Ecosystem Through Philanthropy, Impact Investing, and Risk Management". The Chief Executive Officer of the AoF and the Executive Director of the HKIMR, Mr Enoch Fung (left), and the Head of the HKIMR, Mr Giorgio Valente (right), host a press conference to share the key findings of the report. Source: HKSAR Government Press Releases

Extension of opening hours and special traffic arrangements of FEHD's columbaria during Ching Ming Festival

The Food and Environmental Hygiene Department (FEHD) today (March 10) announced that in order to facilitate grave sweepers and ease crowding, the opening hours of its columbaria will be extended to 7am to 7pm during the Ching Ming Festival period (i.e. from March 14 to April 19). The department appealed to grave sweepers to avoid grave-sweeping activities during the peak period on the day of the Ching Ming Festival (April 5) and to pay tribute to ancestors over a wider period before and after the festival.

The FEHD also reminded grave sweepers to pay attention to the special traffic and transport arrangements implemented during the Ching Ming Festival. Except for permitted vehicles, all vehicles are prohibited from entering FEHD cemeteries and columbaria while the special traffic and transport arrangements are in operation. Details of the special traffic and transport arrangements in the vicinity of cemeteries and columbaria are available on the Transport Department website (www.td.gov.hk). In addition, the escalator adjacent to the Cape Collinson-San Ha Columbarium has been opened for public use.

As heavy usage of joss paper burners (JPBs) at the Tsang Tsui Columbarium and Cape Collinson-San Ha Columbarium is expected during the peak sweeping period, no walk-in queuing for the JPBs will be allowed at both columbaria on Saturdays, Sundays and public holidays during the above-mentioned Ching Ming Festival period. Members of the public are required to make an advance online appointment via the FEHD website (www.fehd.gov.hk/english/cc/notice.html) or obtain a queue ticket on-site on the day of their visit at the two columbaria. For details of the JPB arrangements, please visit the FEHD website.

The FEHD reminds the public that the Shek Mun Columbarium and Garden of Remembrance in Sha Tin commissioned last September implements a "smoke-free worship" environment. Burning of joss sticks and paper offerings is strictly prohibited throughout the premises, and no related facilities are provided. The public is encouraged to pay tribute with fresh flowers instead of traditional offerings to help preserve the peaceful and dignified atmosphere of the site.

Green burial allows the environment to thrive and love to endure. Members of the public can register their wishes for a green burial through the Green Burial Central Register (www.greenburial.gov.hk). Registration is simple and free of charge. Members of the public can also pay tribute to their loved ones through the Internet Memorial Service webpage (www.memorial.gov.hk) and its mobile application. During the Ching Ming Festival, a "Green Burial, Love Living On" exhibition will be held on the G/F of the Tsang Tsui Columbarium. All are welcome to visit free of charge. Throughout the exhibition period, a food kiosk will be set up to provide food and beverages for sale.

Source: AI-found images