Hong Kong banks urged to deepen family office offer as new wealth surges

Nearly half of family offices set up in the last 5 years are new.

Hong Kong banks should consider evolving their family office propositions as more Asian family offices are built.

Nearly half or 46% of all Asian family offices that KPMG surveyed for its 2026 report were established in the last five years.

In Hong Kong, the vast majority of family offices are entirely new, said Karmen Yeung, national head of private enterprise, KPMG China.

“For these families, there are multiple entry points, but the Hong Kong profits tax concession for qualifying single-family offices (SFO) – combined with a zero capital gains environment – offers a strong and tangible incentive,” Yeung said.

It’s not just the family office that is new, but wealth itself.

This demographic reality – wealth that is new, founder-led and approaching its first handover – that places governance at the very centre of the agenda, Yeung said.

“They expect their bank to go further and become a strategic discussion partner that uses their expertise to provide deeper insights, provide comprehensive wealth management and add perspective on best-practices within the private wealth ecosystem,” Yeung said.

Globally, 44% of family offices operate from two or more locations, with the majority managing assets between $501m to $5b, said Karmen Yeung, national head of private enterprise, KPMG China.

Wealth preservation has overtaken pure wealth administration as the dominant objective, Yeung said.

“These trends matter enormously for Hong Kong. They tell us that the families we serve are thinking more strategically, more internationally, and more long-term than ever before,” she said.

Hong Kong’s family office propositions include profits tax concessions for qualifying single family offices (SFOs), a common law framework, free movement of capital, and wealth management talent.