Photo: Shutterstock.com The Hong Kong Wealth Shift: Pitfalls for Wealth Professionals and the Ultra-Wealthy
Hong Kong may be less and less the low tax, free market, rule of law safe haven it once was for ultra-high net worth individuals to live and invest their assets.
September 17, 2020 at 01:39 PM
5 minute read
The Chinese national security law recently enacted in Hong Kong will have considerable impact on Hong Kong's future as one of the Asia Pacific's leading financial centers. While the limits of the legislation are not yet clear, China's potential to use the broad new powers to freeze and confiscate assets has caused an increasing number of Hong Kong-based ultra-high-net-worth individuals (UHNWI) and family offices to consider moving valuable assets (and possibly themselves) outside the political and financial reach of the new law. The new favored destination is reportedly Singapore, and wealth managers are relocating their operations as well, in an effort to follow their clients.
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