The growing interest in family offices among Asia's affluent individuals, particularly in China, has presented an opportunity for Hong Kong to establish itself as a hub for family businesses. In the latest Policy Address, the government has also set its sights on establishing or expanding at least 200 family offices by 2025.
A thorough analysis of their evolution and interactions with family enterprises is imperative to comprehend the development and operations of family offices fully. In the exchange with several Asian family business owners and the author, there is a potential development and transformation from “family business” to “business family”, which can reduce the conflict of interest among family members given their wealth and business models are increasing and expanding.
By fostering a thriving ecosystem for family office development, Hong Kong is poised to become a leading international financial centre with stronger competitive advantages.