Savills Study Ranks Hong Kong Seventh Globally, Behind Singapore, for Next-Generation Wealth

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

Hong Kong and Singapore are stepping up efforts to strengthen their positions as regional wealth-management hubs amid an “unprecedented global transfer of wealth between generations”, according to global real estate adviser Savills.

Savills’ Next-Generation Wealth Hubs Index, released on Thursday, ranked Hong Kong seventh globally as a destination for attracting and retaining the next generation of high-net-worth individuals, or HNWIs.

Singapore was placed sixth, ahead of Hong Kong, preserving the position of the two Asia-Pacific finance hubs as leading competitors in the region’s wealth-management landscape.

Younger wealth holders weigh lifestyle and values

The study said younger wealth holders are becoming increasingly global in their outlook.

It said they are prioritising lifestyle, wellness and values when deciding where to live and invest.

These preferences are shaping the competition among locations seeking to attract and retain the next generation of wealthy individuals.

Savills said Hong Kong offers many incentives similar to Singapore.

“Hong Kong offers many incentives similar to Singapore,” according to the adviser’s index.

The study identified low taxation, financial sophistication, safety and connectivity as features supporting Hong Kong’s appeal.

Savills said these factors reinforce the city’s position as a leading hub for wealth preservation and family offices in Asia.

The ranking places Hong Kong among destinations competing for wealth-management activity and the next generation of high-net-worth individuals.

Source: South China Morning Post