Hong Kong reached nearly 3,400 single-family offices by end of 2025 — up 681 since 2023, as reported by CNBC citing Deloitte research.
The latest signal: proposed tax exemptions on gold, crypto, private credit, and overseas real estate. Legislation expected by June.
This is a direct competitive response to Singapore, which grew its family office count from 400 to over 2,000 between 2020 and 2024.
But Hong Kong is differentiating on speed and structure.
No approval process required to qualify for tax concessions. Singapore still requires a three-month wait. Hong Kong imposes no mandatory local investment allocation. Singapore requires SGD 10 million or 10% of AUM in designated local assets.
The crypto exemption may be the sharpest edge. Gaven Cheong of Charles Russell Speechlys calls it "a meaningful differentiator" — broader in scope than Singapore's framework.
Meanwhile, the Iran war is accelerating the calculus. Families with Dubai exposure are reassessing geographic concentration risk. As Cheong told CNBC: interest in Hong Kong "has shot through the roof" in recent weeks.
At Octagon, we continue to see the UAE as a compelling long-term investment destination. Geopolitical disruption doesn't erase structural advantages — it tests conviction.
The real question isn't choosing one hub over another. It's whether families are building for jurisdictional optionality across all of them.
What does your multi-hub allocation framework look like?
The latest signal: proposed tax exemptions on gold, crypto, private credit, and overseas real estate. Legislation expected by June.
This is a direct competitive response to Singapore, which grew its family office count from 400 to over 2,000 between 2020 and 2024.
But Hong Kong is differentiating on speed and structure.
No approval process required to qualify for tax concessions. Singapore still requires a three-month wait. Hong Kong imposes no mandatory local investment allocation. Singapore requires SGD 10 million or 10% of AUM in designated local assets.
The crypto exemption may be the sharpest edge. Gaven Cheong of Charles Russell Speechlys calls it "a meaningful differentiator" — broader in scope than Singapore's framework.
Meanwhile, the Iran war is accelerating the calculus. Families with Dubai exposure are reassessing geographic concentration risk. As Cheong told CNBC: interest in Hong Kong "has shot through the roof" in recent weeks.
At Octagon, we continue to see the UAE as a compelling long-term investment destination. Geopolitical disruption doesn't erase structural advantages — it tests conviction.
The real question isn't choosing one hub over another. It's whether families are building for jurisdictional optionality across all of them.
What does your multi-hub allocation framework look like?