The white paper identifies a window of opportunity for Hong Kong to become a leading global private wealth management hub with 13 recommendations outlined to achieve this vision.
Hong Kong is home to a well-established private wealth management industry (PWM) that has deep experience in serving high net worth individuals (HNWIs) from China and the rest of Asia. With this strong foundation, the city is at a point where it could develop into something larger – a leading global wealth management hub that sets international standards for both service and innovation, thus attracting significant assets from across the world.
But to make the leap from a regional to global PWM player, Hong Kong needs to address a range of issues that are critical for the future development of the industry. It is in this context that the Private Wealth Management Association (PWMA) commissioned KPMG to develop a white paper to estimate the economic contribution of the industry, identify growth opportunities, define a vision for the future of the industry and develop recommendations to enhance Hong Kong’s position as a PWM hub. At its core are 13 recommendations that, if realised, will put the city on a par with the world’s most highly regarded wealth management centres.