Hong Kong ranks 7th globally in drawing next wealthy class – trailing Singapore: study

Hong Kong ranked seventh globally as a destination for attracting and retaining the next generation of high-net-worth individuals (HNWIs), trailing traditional rival Singapore in sixth place, according to a Savills study.

The two top finance hubs in the Asia-Pacific region have been stepping up efforts to strengthen their positions as regional wealth-management hubs amid an unprecedented global transfer of wealth between generations.

“Hong Kong offers many incentives similar to Singapore,” according to the global real estate adviser’s Next-Generation Wealth Hubs Index released on Thursday.

“It provides low taxation, financial sophistication, safety and connectivity, reinforcing its position as a leading hub for wealth preservation and family offices in Asia.”