Rich Asians crazy about securing wealth drive boom of 'family offices' in Hong Kong

Asia Pacific has 38pc of global billionaire populationSlew of Chinese tech IPOs in Hong Kong adds to growth momentumChinese entrepreneurs looking to diversify wealth away from home

Henry Golding and Constance Wu in the 'Crazy Rich Asians' movie

Sumeet Chatterjee

Rich Chinese and other Asians are increasingly seeking more control of their wealth, driving a rapid rise in the number of so-called family offices, or private investment vehicles, being set up in Hong Kong and Singapore.

As the wealthy target greater investment diversification and as business owners hand over the reins to successors, family offices are sprouting in the Asian financial hubs, taking advantage of incentives such as tax breaks and residency being offered.