Hong Kong has surpassed Singapore in drawing single family offices, buoyed by tax advantages and an investment migration program, according to a report by the South China Morning Post.  According to a Deloitte study in March, Hong Kong boasted over 2,700 single-family offices by the end of last year, compared to approximately 1,400 in Singapore reported by the Monetary Authority of Singapore.  Speaking at the Hong Kong Investment Funds Association annual conference, Michael Wong Wai-lun, Deputy Financial Secretary of the Government of Hong Kong, highlighted a 24% increase in hedge fund managers, private equity fund managers and family offices in Hong Kong over the past three years. Chief Executive John Lee Ka-chiu has set a target to attract 200 new large family offices to the city by 2025, with InvestHK having assisted 64 family offices in establishing operations and another 130 expressing interest.  Hong Kong’s government introduced several initiatives last year to attract wealth management offices, including tax incentives and an enhanced investment migration scheme. Wong noted that many of these offices have significantly grown, with 60% managing assets exceeding $50m.  Despite claims of capital outflows, Wong pointed out a 5% increase in Hong Kong bank deposits last year, followed by a further 2.1% rise in the first four months of 2024 to $2.12tn (HKD16.6tn).  Wong cited robust inflows into retail funds, with $3.8bn recorded in Q1 2024. He noted that Hong Kong remains Asia’s largest hedge fund hub and a pivotal cross-border wealth management centre, attracting international firms like Partners Group, which opened its seventh Asian office there last week.  Wong also highlighted the successes of the Capital Investment Entrant Scheme, which has garnered over 250 applications since its launch in March. This scheme facilitates expedited residency for wealthy individuals investing at least HKD30m across eligible financial instruments and properties.  Jessica Cutrera, Chair of the Family Office Association of Hong Kong, emphasised the appeal of Hong Kong’s straightforward regulations and connectivity with mainland China, noting increasing interest from regions including the Middle East, India, Israel and other parts of Asia.