Singapore and Hong Kong named Asia’s most dynamic family office hubs: Julius Baer report

SINGAPORE: Singapore and Hong Kong were named the region’s most dynamic hubs for ultra-high-net-worth (UHNW) families, according to Julius Baer’s Family Barometer Report 2025.

The report is based on a survey conducted with PwC Switzerland and its global network of firm that gathered responses from 2,485 family office experts worldwide. Of this, 17% were from Asia.

Notably, both cities have become “a natural choice” for families with regional ties or pan-Asian investments looking for robust legal systems and a gateway to Asia-Pacific markets.

While Singapore’s appeal is its political stability, strong legal framework, and clear regulations, making it a preferred base for Asian families and those seeking access to regional markets, Hong Kong’s international outlook, proximity to mainland China, deep talent pool, and mature network of advisers have attracted Chinese families and others across Asia. The latter’s top international schools also appeal to families looking for a stable, family-oriented base, according to the report.

Both hubs have seen strong growth in family offices by the end of last year: Singapore’s single-family offices (SFOs) increased tenfold to over 2,000, while Hong Kong’s family offices reached 2,700.

The report also found that 74% of Asian families prefer the single family office model.

Globally, high costs (40.8%), complexity of management (29.5%), and limited wealth (28.3%) remain the main hurdles for UHNWs in setting up single-family offices. /TISG

Read also: Hong Kong pulls ahead of Singapore in family office race, for now, as both cities face economic hurdles

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