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ASIAN FAMILY OFFICES 2015


“The family office concept is barely known [in Asia] and even more rarely implemented”


strict (if recently eased) regulation, it is difficult for foreign banks to establish full operations in China.


Hong Kong


Despite its comparatively small population, its wealth and high savings rate, and the maturity of its financial sector, make Hong Kong “a very promising market for family office providers”. It is home to some of the oldest family offices in Asia. Its long-time experience with family


office solutions and availability of professionals give it a strong advantage for the future.


China Although wealth is concentrated in very few hands in China – less than 1 per cent of the population reportedly control half the country’s wealth – its huge population means that the number of HNWIs (US$1 million or more) and UHNWIs, estimated at 400,000 and 5000 respectively, is considerable, amounting in each case to close to half of the region’s total. This combined with its high savings rate (about 30 per cent of disposable income) means that “China will be the most promising market for the financial service industry for the next few decades”. However, due to


India India is not a rich country, but like China it has a large population of wealthy people, which makes it an attractive market for financial service providers including family offices. Although regulation is quite strict, this does not affect the substantial number of non-resident Indians, who are also mostly well-educated and a likely target for financial service providers. Offshore wealth management solutions will remain the dominant business model at least in the medium term, with Hong Kong, Singapore and Dubai all favored to some extent.


Singapore Over recent decades Singapore has become one of the world’s major financial centers, and although there are only a few family offices based in Singapore, this is likely to change in the years ahead. Like Hong Kong, it is expected to benefit from the interest in family office solutions among the current and future HNWIs of poorer countries in southern Asia such as India, Thailand and Vietnam.


FAMILY OFFICE: ASIA TOMORROW


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FOCUS ON AISA-PACIFIC


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