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How rich Asians have sparked a family office boom in Hong Kong, Singapore

The family office is a relatively new concept in Asia, with less than 500 such entities, compared to thousands in the West

Reuters  |  Hong Kong 

Rich Chinese and other Asians are increasingly seeking more control of their wealth, driving a rapid rise in the number of so-called family offices, or private investment vehicles, being set up in Hong Kong and Singapore. As the wealthy target greater investment diversification and as business owners hand over the reins to successors, family offices are sprouting in the Asian financial hubs, taking advantage of incentives such as tax breaks and residency being offered. The family office is a relatively new concept in Asia, with less than 500 such entities, compared to thousands ...

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First Published: Mon, November 05 2018. 09:56 IST
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