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Daisy Wu

Hong Kong is strengthening its position as Asia’s hub for family business succession and cross-border capital allocation as wealthy families navigate economic uncertainty and a generational transfer of wealth, financial regulators and industrial executives said on Monday.
Speaking at the South China Morning Post’s Redefining Hong Kong: Next Generation Wealth Conference, Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim highlighted what he described as the city’s unique structural advantages for ultra-high-net-worth families.
“Under our unique ‘one country, two systems’ principle, Hong Kong is the only city in the world that converges both the China advantage and the global advantage,” Chan said.
The framework guaranteed the free flow of capital, a common law legal system, a simple low-tax regime and a compatible regulatory environment, providing “certainty, security, transparency and predictability” for wealthy families, he added.
Chan’s remarks come as a growing number of Asian family enterprises prepare for leadership transitions.
Speakers at the conference said younger generations increasingly viewed succession as an opportunity to reinvent businesses rather than simply inherit them.
Asia’s next generation of business leaders were moving beyond passive asset stewardship, seeking to forge distinct track records across new geographies, business models and emerging sectors, such as artificial intelligence and green technology, according to Sun Life Private Wealth CEO Sujoy Ghosh.
“These [next-generation leaders] are change-makers,” Ghosh said during a panel discussion. “They want to put their names behind what they are inheriting.”

Christina Gaw, managing principal at Gaw Capital Partners, said younger family members were showing “a lot of interest” in emerging markets as they sought to diversify risk.
At the same time, they were deploying capital into traditional, high-cash-flow sectors like shipping, as well as energy transition, which requires active modernisation amid persistent global supply disruptions.
To achieve greater scale, family businesses increasingly needed institutional capital – including from insurers, banks, family offices and pension funds – to support growth, Gaw said.
Carlo Pesenti, chairman and CEO of Italy-based investment company Italmobiliare, echoed that view, saying a broader base of institutional investors could boost family enterprises’ financial firepower and enable larger deals.
Hong Kong had positioned itself as a base for these evolving strategies, offering the market depth and liquidity needed to “meet diverse investment objectives and execute complex global portfolio strategies”, Chan said.
To sharpen its competitiveness, the city is rolling out legislative proposals to expand tax concessions for family offices and funds. The measures would broaden eligibility to alternative assets, including private credit, digital assets and carbon derivatives.
In its five-year plan released last week, the government underscored its ambition to bolster Hong Kong’s standing as a premier global hub for cross-boundary wealth management.
Hong Kong currently hosted more than 3,380 single-family offices – a 25 per cent increase over the past two years – with the sector injecting more than US$10 billion annually into the local economy, according to official data.


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Undersecretary for Financial Services and the Treasury Joseph Chan. Photo: SCMP

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City courts next-generation wealth as family businesses reinvent themselves and deploy capital into new sectors and markets


City courts next-generation wealth as family businesses reinvent themselves and deploy capital into new sectors and markets.


How Hong Kong is positioning for a bigger role in Asia’s family wealth transition

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}City courts next-generation wealth as family businesses reinvent themselves and deploy capital into new sectors and markets

City courts next-generation wealth as family businesses reinvent themselves and deploy capital into new sectors and markets