Hong Kong Steps Up Efforts to Lure Billionaires’ Business

Officials are planning roadshows across Asia and Europe to showcase the city’s advantages as a base for family offices of the super-rich. Photo: VCG

Hong Kong officials are planning roadshows across the Middle East, Europe, Southeast Asia and the Chinese mainland to lure the super-rich to set up family offices in the city, part of a strategy to bolster its position as an international asset and wealth management hub.

The move comes as Hong Kong tries to reboot its image and economy, which have suffered as a result of strict Covid policies and an exodus of tech and financial talent. The city recently lost its title as Asia’s top financial center to Singapore in the Global Financial Centres Index released in September, which ranks the competitiveness of the world’s leading financial centers.