Wealth for Good in Hong Kong Summit concludes, reinforcing the city&amp;#39;s global leadership in family office industry (27.3.2024)
27.3.2024

The highly anticipated second edition of the Wealth for Good in Hong Kong Summit (WGHK) concluded today (March 27), underscoring Hong Kong's status as a premier international hub for global family offices and asset owners. Organised by the Financial Services and the Treasury Bureau (FSTB) in collaboration with Invest Hong Kong (InvestHK), the summit at the Grand Hyatt Hong Kong drew over 400 influential decision makers from global family offices and their professional teams spanning Hong Kong, the Mainland, Asia, Europe, the Americas, the Middle East and beyond. Featured summit panel discussions included key themes of "Luxury and Legacy", "Green Technology", "Philanthropy and Wealth Legacy", and a session on family office development titled "Dream to Dynasty: Wealth Creation for Generations". There were also two fireside chats discussing the journey from Hollywood to Silicon Valley and the rise of sports as an asset class, offering fresh perspectives to attendees on new and emerging investments for family offices. The enthusiasm and exchange of insights continued at the summit's Gala Dinner in the evening, featuring a piano solo performance by internationally acclaimed pianist Niu Niu and concluding with world-renowned violinist Yao Jue. During the Gala Dinner, the Government announced the launch of a new philanthropic initiative, the "Impact Link" (iLink) under the Hong Kong Academy for Wealth Legacy (HKAWL). The iLink aims to attract, select and showcase high-potential and high-social impact charitable projects with demonstrated track records and potential for scalability to solve the most pressing challenges within and beyond Hong Kong. The iLink will start with crucial areas such as global public health, early life sciences research, poverty alleviation and development, education, youth empowerment, as well as community wellbeing empowered by the most cutting-edge technologies such as artificial intelligence, biotechnology, big data, and green technology. By leveraging the iLink's power of bridging information on charity projects and building connections with stakeholders, family offices and asset owners can have easier access to vetted projects, conduct further assessments and make more informed decisions, facilitating their donations in creating larger impact. The iLink holds relevance to Hong Kong as a hub for global family offices, serving wealth owners as a base for deployment of charitable capital benefiting Hong Kong, the Mainland and the overseas. Philanthropic endeavours are increasingly relevant to family offices as they plan for their wealth legacy, transition and promoting social good. The iLink is bolstered by the support of esteemed organisations, including the Bill & Melinda Gates Foundation, Fondation de France Asia, the Institute of Philanthropy empowered by the Hong Kong Jockey Club, and the Yidan Prize Foundation. Also, the Li Ka Shing Faculty of Medicine at the University of Hong Kong, and the Faculty of Medicine at the Chinese University of Hong Kong will play an advisory role on life science related projects. The Chief Executive, Mr John Lee, hosted a principal dinner yesterday (March 26) to welcome participating guests from around the world. In his speech at the dinner, Mr Lee highlighted Hong Kong's prowess as an international financial centre under the "one country, two systems" principle, including its leading role in the region in international bond issuance, risk management, cross-border wealth management and green financing. "These advantages, including the Hong Kong Special Administrative Region Government's unwavering support for family offices, have been welcomed by family offices and high-net-worth individuals," said Mr Lee. Mr Lee also noted that this year's WGHK has brought together over 400 influential decision-makers and professionals from the world's leading family offices, significantly larger than the scale of last year's inaugural Summit. "Over 20 prominent speakers from around the world will detail how Hong Kong's strategic location and forward-thinking initiatives can contribute to wealth creation, preservation, and succession among family offices. This convergence of minds is set to ignite fruitful dialogues and forge lasting partnerships," Mr Lee said. The WGHK was opened today by the Financial Secretary, Mr Paul Chan who delivered welcome remarks. He said that Hong Kong is an ideal city for family offices, for the unique advantages it enjoys under the "one country, two systems" arrangement, with priority access to the Mainland market while upholding the international character of the city – practising the common law system, keeping the free flow of capital, talent, goods and information, and aligning with the best international standards. Hong Kong’s world-class financial services, convenient and unparalleled access to the Mainland's capital market, low and simple tax system, excellent professional services and talent, are there to help family offices realise growth and development. The HKSAR Government is also committed to facilitating family offices in their work on philanthropy, green and impact investments, as well as arts and culture. Announcing the launch of the Impact Link during the Gala Dinner, Mr Paul Chan, said, "Hong Kong has a longstanding tradition of philanthropy, and we strive to become a global centre for philanthropy. To further this objective, I am delighted to announce our plan to launch "Impact Link" (iLink), a charity project depository under the Hong Kong Academy for Wealth Legacy. Connecting donors and charity projects, iLink will allow family offices and asset owners to make more informed decisions on charity projects, so that their contributions can create maximum impact." The Secretary for Financial Services and the Treasury, Mr Christopher Hui, also delivered remarks at the summit. He said, "We have been working tirelessly with partners and stakeholders to create an environment that not only preserves wealth but empowers family offices to grow in a way that benefits the greater good. Through key initiatives such as the new Capital Investment Entrant Scheme, tax concessions, and the establishment of the Hong Kong Academy of Wealth Legacy and many more, we have rolled out the red carpet, inviting family offices to make Hong Kong home." The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, said, "We were delighted to reunite with familiar faces and welcome new connections within the global family office industry this year. The overwhelming responses we received have surpassed last year's, with participants expressing keen interest in learning more about establishing a presence in Hong Kong. InvestHK and our dedicated FamilyOfficeHK team will continue to maintain close engagement with the global family office community and further promote Hong Kong in the year ahead." The theme for this year's WGHK, "Growing with Certainty Amid Growing Uncertainty," seeks to demonstrate Hong Kong's status as a top destination for global family offices and wealth owners. The city's strategic location, vibrant financial ecosystem, and talented workforce with creative thinking make it a magnet for ultra-high-net-worth individuals. With a state-of-the-art infrastructure and a business-friendly environment, Hong Kong stays at the forefront of the family office and asset management industry. Ends/Wednesday, March 27, 2024 Issued at HKT 21:41 NNNN