Hong Kong’s Financial Secretary Paul Chan expressed strong confidence that the city will rise to become the world’s second largest international financial centre within the next 10 to 15 years, with family offices playing a central role in that ambition.
Speaking at the HSBC Global Investment Summit on Wednesday, Chan said Hong Kong’s growth strategy goes beyond equities into broader asset classes and wealth management services.
“Look at Hong Kong now from the perspective of 10, 15 years later. I’m very confident Hong Kong, surely we will not be just number three in terms of international financial centre ranking, at least the second,” he said.
Hong Kong currently ranks third globally and first in Asia Pacific, trailing New York and London, according to the latest rankings by Z/Yen and the China Development Institute.
Chan identified family offices as a key pillar of the city’s financial expansion, alongside fixed income, currency, green finance, and sustainable finance.
He also pointed to rising incomes among mainland Chinese residents and their growing appetite for overseas asset allocation as a significant opportunity for Hong Kong’s asset and wealth management industry.
“I’m very confident about the growth of the mainland in the coming decade,” Chan said.