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

AI Summary

A Savills study ranks Hong Kong seventh globally for attracting and retaining the next generation of high-net-worth individuals, one place behind Singapore. Both financial hubs are seeking to strengthen their wealth-management roles amid a major intergenerational transfer of wealth.

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,”...