- From Competition to Attract Family Offices to Ecosystem Competition
Executive Summary
- Hong Kong had an estimated 3,384 Single Family Offices (SFOs) at the end of 2025, an increase of approximately 25% over the two years since the end of 2023.
- Hong Kong's growth should not be viewed simply as an inflow of Mainland Chinese capital. Its function as a wealth hub connecting China and the world is equally important.
- In 2026, Singapore made a series of adjustments to the administration of SFO regulations and tax rules, signaling an intention to reduce setup and operating burdens while continuing to emphasize Substance.
- The next phase of competition is likely to move beyond tax and focus on the family office ecosystem, including talent, capital markets, investment opportunities, and professional services.
Contents
- Changes Emerging in the Asian Family Office Market
- Hong Kong Reaches 3,384 SFOs - Approximately 25% Growth in Two Years
- Hong Kong Is Expanding More Than Just the Number of SFOs
- Are the SFOs Increasing in Hong Kong "Mainland Chinese Capital"?
- Differences in the Competitive Strengths of Hong Kong and Singapore
- The Hong Kong Government Strengthens Family Office Policy
- Singapore Also Surpasses 2,000 SFOs
- Singapore Moves from "Tightening" to Policy Recalibration
- Changes to the Administration of 13O, 13U, and Related Schemes in 2026
- Clarification of AUM Management and Local Spending Requirements
- SFO Regulation and Tax Incentives Must Be Considered Separately
- The Next Area of Competition Shifts from "Assets" to "Talent"
- The Professionals and Ecosystem Supporting Family Offices
- Practical Implications - Moving Beyond "Hong Kong or Singapore"
- Conclusion - From Competition to Attract Family Offices to Ecosystem Competition
- References
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