Sustaining Wealth and Legacy
As many prominent families in the region seek to manage the transition of wealth, business and power to succeeding generations, there has been an extraordinary rise in the formation of single-family offices in Asia, with Hong Kong and Singapore proving the more popular jurisdictions.
“This is a blooming trend we’ve seen during the past few years,” says Cynthia Lee, regional head of wealth planning and advisory for Asia Pacific, Global Private Banking at HSBC. While some have been around for decades, HSBC Global Private Banking estimates that 44 per cent of Asia’s 1,300 family offices were set up in just the past two years. “Hong Kong as the core office and a satellite office in Singapore is a trending phenomenon, yet we are also seeing similar set-ups in London and New York,” says Lee.
The growth in family office establishments in the region is thanks in part to government incentives. Singapore
