Hong Kong rivals Singapore as the preferred family office hub in Asia, with the two centers hosting more than 2,700 and 2,000 family offices respectively by the end of 2024, a Julius Baer report showed on Tuesday.

The Julius Baer Family Barometer 2025, conducted with PwC Switzerland, polled 2,500 family office experts globally.

It found that Hong Kong attracts ultra-high-net-worth families with its mature financial ecosystem and role as a gateway to regional markets, while Singapore is favored for its political stability, and legal and economic advantages.

Both hubs have seen significant growth in Single Family Offices, with 74 percent of Asian families served by a family office opting for this model, the report said.

Globally, cost, complexity and insufficient wealth remain the primary barriers to establishing an SFO.

The investment priorities of Asian wealthy families are shifting, the report noted. Real estate investing fell to third place this year, behind geopolitical diversification and inflation protection.

On family-related matters, “succession planning” remains their core focus. It was followed by “individual and family growth opportunities” and “building family legacy,” which entered the top three for the first time.

The report also highlighted a continuing trend of professionalization in family office structures across the region.

Meanwhile, the Hong Kong government is targeting an additional 220 family offices from 2026 to 2028, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said earlier this month.

Speaking at a family office forum, Hui revealed the government had met its goal of attracting 200 family offices to set up or expand in the city by September this year, ahead of schedule.

Sources: The Standard