Financial Secretary Paul Chan on Thursday stated Hong Kong’s wealth management sector is growing highly and is well placed to record a reasonable share of service originating from moving worldwide abundance.
In a keynote speech at the Wealth Management Summit, he indicated a study in July by the Securities and Futures Commission that revealed possessions under management leapt 20 percent to more than HK$ 42 trillion.
The city, Chan stated, is now the biggest cross-boundary wealth management centre worldwide.
A study by top organiser Private Wealth Management Association provided a likewise motivating image, as it discovered 77 percent of member companies reported more powerful need to open accounts or book customer properties in Hong Kong which 94 percent were reasonably or extremely positive about the city’s potential customers over the next 5 years.
Chan stated belief at today’s Global Financial Leaders’ Investment Summit, which drew some 280 worldwide leaders from the sector, consisting of around 120 chairmen or presidents, was “decidedly positive”with some preparation to increase financial investment and headcount in the city.
Global capital was revealing fresh self-confidence in Hong Kong, he stated, with it being strengthened by policy steps to enhance personal wealth management.
“Our tax concession for family-owned investment vehicles is now well established and Hong Kong is home to over 3,300 single-family offices, up 25 percent in just two years,” he stated at the top.
“The New Capital Investment Entrant Scheme has received some 4,300 applications, representing an expected investment of HK$150 billion, and we have introduced legislation to further enhance the preferential tax regimes for funds, single-family offices and carry interest, which we aim to pass by the end of this year.”
Chan stated greater rates and unpredictability were redrawing the map for capital circulations, with money making a return once again and financiers diversifying throughout markets and currencies.
Hong Kong is a clear recipient, he stated, keeping in mind that deposits increased 7.7 percent to HK$ 20.9 trillion in the very first 9 months of this year.
Going publics raised, Chan explained, a record HK$ 388 billion and capital is showing up from the United States and Europe, along with the mainland, Southeast Asia, Central Asia and the Middle East.
He likewise indicated innovation and AI as a growing source of wealth: tech is now the biggest source of wealth amongst the world’s wealthiest magnates, and mainland billionaire fortunes increased over 20 percent to US$ 1.8 trillion in 2015.
Hong Kong is recording it at source– 116 A- and H-share listings in the very first 3 quarters represented about 70 percent of funds raised, over half of which remained in AI, semiconductors and robotics, with some 500 applications in the pipeline.
Modified by Tony Sabine
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