Around 30 European family offices have told Hong Kong’s investment promotion agency that they plan to set up operations in the city, according to InvestHK. The interest accounts for roughly 19% of the 160 family office cases InvestHK is currently handling and reflects a broader European pivot toward Asia that is being driven by tax incentives, China’s technology boom, and geopolitical rebalancing.

Jason Fong, InvestHK’s global head of family office, said several Italian families attended the Wealth for Good in Hong Kong Summit in March 2026 and subsequently held strategic discussions with the agency. “For European families seeking new growth momentum, Hong Kong offers something that has become remarkably rare: certainty, resilience, stability, innovation and opportunity in a single jurisdiction,” Fong told the South China Morning Post.

The timing is not accidental. Hong Kong overtook Switzerland last year to become the world’s largest cross-border wealth management centre, with $2.95 trillion in offshore assets compared with Switzerland’s $2.94 trillion, according to Boston Consulting Group’s Global Wealth Report published in May. BCG projects the gap will widen to nearly $600 billion by 2030.

The city’s family office sector has expanded rapidly. A Deloitte study commissioned by InvestHK found that the number of single-family offices in Hong Kong rose 25% over the past two years to approximately 3,384 by the end of 2025, injecting an estimated $12.6 billion annually into the local economy through operating expenditures alone.

The tax incentives are a central draw. Hong Kong waives its 16.5% profit tax on earnings from stocks and bonds for single-family offices that hold an investment portfolio of at least HK$240 million (roughly $30.8 million), employ two staff in the city, and incur annual operating expenses of at least HK$2 million. The government is set to submit legislation this month to expand the tax exemption to cover additional investment products.

Jennifer Chan, co-founder of Orientis, a French consultancy that advises high-net-worth European clients, said geopolitical tensions have prompted some investors to reassess their global allocation. “Traditionally, European family offices tend to like to invest domestically, or they may invest in the US and the Middle East,” she said. “However, in recent years, they have started to invest in Hong Kong and other parts of Asia.”

Chan said the Middle East conflict that escalated in late February has made Hong Kong look comparatively stable. Orientis has arranged eight tours to Hong Kong for wealthy families from Germany, France, Switzerland, the Netherlands, Belgium, and Italy over the past 18 months, and some clients subsequently established family offices in the city.

The investment thesis has two prongs. The first is China’s technology sector. International investors have rushed into Chinese tech stocks since the breakthrough by AI startup DeepSeek early last year highlighted the country’s innovative potential. Chan, who is also a director of the Hong Kong Science and Technology Parks Corporation, said many family office representatives are meeting local startups at the science park, and some have already invested.

The second is Hong Kong property. Chan said European families believe the market has fallen significantly and shows signs of recovery, making it an attractive entry point.

Government promotion has been active. Financial Secretary Paul Chan Mo-po has led European roadshows to raise the city’s profile among wealthy families. Hong Kong’s growing role as a financial hub for Chinese technology companies adds to its appeal as a gateway for European capital seeking exposure to mainland innovation.

The institutional infrastructure is expanding to match. French insurer AXA launched AXA Global Private in Hong Kong on Monday to serve high-net-worth customers and family offices, with CEO Sally Wan saying the company was confident Hong Kong would remain the world’s largest offshore wealth centre. The platform bundles life insurance, wealth management, and succession services for wealthy families across Asia.

Cliff Ip Wang-hoi, chairman of the financial services committee for Greater China at CPA Australia, said Hong Kong serves as a gateway to mainland China and the Greater Bay Area. “The rapid development of the artificial intelligence and technology sectors in China presents substantial investment opportunities for European family offices,” Ip said.