Chen Maobo: The scale of wealth management in Hong Kong increased 20% year over year to become the world's largest cross-border wealth management center

The Zhitong Finance App learned that Hong Kong's Financial Secretary Chan Mao-po said at the Private Wealth Management Association (PWMA) summit that according to a survey released by the Securities Regulatory Commission in July, the total value of Hong Kong's asset and wealth management business increased 20% year over year to over HK$42 trillion, making it the world's largest cross-border wealth management center.

Chen Maobo pointed out that Hong Kong currently has more than 3,300 single-family offices, an increase of 25% over two years ago; the New Capital Investor Entry Program has received about 4,300 applications, which is expected to bring in an investment amount of about HK$150 billion. As global interest rates remain high and geopolitical changes, investors pay more attention to risk management and diversified asset allocation.

He said that artificial intelligence is becoming an important engine for global wealth creation. The wealth of the mainland's rich grew by more than 20% to US$1.8 trillion last year. The technology industry contributed significantly. The new generation of entrepreneurs is younger and more willing to take risks and invest in the private market.

Chen Maobo also said that the world is entering a large-scale wealth transfer cycle. The US is expected to change hands in wealth of more than 100 trillion US dollars over the next 20 years, and a similar situation will gradually occur in Asia. Future wealth holders will come more from second-generation family members and female investors. Their investment preferences are different from the previous generation. In the future, they must pay attention to the three major trends in wealth flow, origin, and inheritance.