More than half of Hong Kong’s estimated private wealth of over US$1 trillion is from mainland individuals who have parked money there, according to bankers. — Reuters pic
The city has benefited from its proximity to China and separate legal system, as well as its dollar-pegged currency, but there are now worries about it losing its edge as a global financial centre due to capital and talent flight. “Singapore has been on their radar for a while now, but Hong Kong has been the default booking centre for them,” said the Singapore-based banker, who, like his industry colleagues, declined to be identified due to sensitivity of the matter.
In another example, the founder of a Hong Kong-based boutique wealth manager focused on helping Chinese clients set up family offices said his firm was in partnership talks with two Dubai-based banks after receiving inquiries about setting up investment vehicles there. A planned law last year that would have allowed extradition to China from Hong Kong was shelved after months of increasingly violent protests, but it sent shivers through the city’s wealthy who feared Beijing could have used it to freeze assets. Some went so far as to move funds.
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