Hong Kong’s Wealth Assets Rise for First Time Since 2020
- Assets under management climbed to about $1.2 trillion
- City’s political future cited as top concern of surveyed firms
Hong Kong has been seeking to bring money and rich families to the financial hub through tax concessions and talent programs, after strong outflows during the pandemics.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Hong Kong’s total private wealth assets under management rose slightly last year to about HK$9 trillion ($1.2 trillion), the first annual growth since 2020, according to a report released on Friday.
Inflows of about HK$341 billion last year were about three times higher than in 2022, according to the report by the city’s Private Wealth Management Association and KPMG. Still, the assets under management remain considerably below their 2020 level of HK$11.3 trillion.