This is an extract from the Agreus Family Offices in Asia report. You can download the full report here.

Asia is a force to be reckoned with and for Family Offices who dare to make the move, it presents a phenomenal opportunity and not just for its family members but the professionals who serve them.

In Asia, Family Office CEO positions are filled by non-family members 80% of the time – the highest globally. More than one third of Family Offices in the region also have $1BN in AUM and nearly a quarter more surpass $5BN, offering an ability to not only lead but to manage extraordinary wealth and exert influence in a growing ecosystem.

Its compensation is high, bonuses frequent and opportunities great. Not just to manage the wealth of today but tomorrow’s fortune. $1.9TRN is expected to be transferred to the next generation over the coming decade and its investment from the rest of the world is growing.

With a new generation at the wheel, a new open mindedness, evolving policy to prove it and an appetite growing from a global audience, the question is not whether to seriously consider Asia as a home for your Family Office, the question is where.

In this report we offer two key contenders for the top spot, Singapore and Hong Kong. While the MAS, EDB and HK government argue their respective grounds for success, we believe while both bring their benefits to the Family Office Board-Room Table, there is one clear winner.

Hong Kong offers a quick fix for interested parties that consists of a simple structuring process, minimal administrative work and an absence of capital gains, value-added and wealth tax. What they lack in taxes they offer in talent with a deep-rooted talent pool, not just expert in professional services and technology but Family Office.

Hong Kong has the richest Family Office ecosystem in the whole Asia-Pacific, dating more than 15 years and boasting over 5,000 UHNW families which could all make Family Offices in their own right. With a supportive government that has been long rolling out the red carpet to Family Offices, Hong Kong has a great deal to offer to affluent families looking for a new playground to structure their wealth but, it might not be their first choice.

Singapore on the other hand is, according to 23% of Family Office Leaders seeking a second office location in Singapore and a further 24% who rank it as number one hub for Family Offices, globally. Singapore is the most competitive economy, it is first in the world for political and operational stability and its strong rule of law, stable and competitive business environment, ease of access to professional services and breadth and depth of investment opportunities on offer are just some of the reasons why it is proving to be so popular within the global Family Office community.

Ultimately, Hong Kong will always be held in high regard as being the gateway to China but Singapore is increasingly holding the key and in our opinion, it will continue to rise as a playground for Family Offices. It is a well-established country with a strategic location, stable economy, balanced political system and robust regulatory framework. It has a well-regulated financial centre, a selection of trust and corporate services providers and the simplicity of a shared language.

Singapore also offers an extraordinary lifestyle. Proven to be the safest place on earth during the pandemic as well as the cleanest and its transparency, low crime rate and high standard of living makes it extremely attractive for professionals and their families.

For a conversation about setting up your Family Office is Asia, please do not hesitate to get in touch.