Hong Kong is back with a bang
Hong Kong has faced significant challenges in recent years, but its resilience has been remarkable. The government has played an active role in the recovery, leveraging its fiscal reserves to invest in critical projects, enhance the innovation and technology ecosystem, and promote the mega event economy.
This investment has paid off, with the city regaining its position as the top financial centre in the Asia-Pacific region in the Global Financial Centres Index (GFCI) this October. Hong Kong ranked third globally, behind New York and London, and its overall rating increased by eight points, the largest improvement among the top five financial centres.
Hong Kong was also ranked first in the 2024 ‘Economic Freedom of the World’ report issued by the Fraser Institute of Canada, which measures the degree to which people in 165 jurisdictions around the world are allowed to make their own economic choices.
The report, based on data from 2022, assessed five areas – freedom to trade internationally, regulation, size of government, legal system and property rights, and access to sound money. Hong Kong was ranked first globally in ‘openness to international trade’ and ‘regulation’, and third in respect of ‘access to sound money’.
Hong Kong has long been recognised as a leading international finance centre, but these recent developments have served as a timely reminder of Hong Kong’s great strengths. After suffering a bruising talent drain in the wake of the Covid pandemic, licensed finance jobs are now hitting a record levels.
There has been a net increase of about 830 licensed financial professionals over the past four months, driving the number to almost 42,000 in October – the highest since the registration system began in 2003. There has also been a strong growth in the total number of hedge fund managers, private equity fund managers and multi-family offices in Hong Kong.
These figures show the rising demand for talented professionals in Hong Kong as banks, asset managers and family offices seize on the city’s bid to become the world’s biggest wealth management hub. According to Bloomberg Intelligence, Hong Kong’s private wealth assets under management could nearly double to USD2.3 trillion by 2030, rivalling Switzerland. For all of us who have worked through the pandemic years, it feels like Hong Kong is back.
Managing Director - Sovereign Trust (Hong Kong) Limited
The benefits of Hong Kong as a business hub
Hong Kong has long been recognised as a leading international finance centre, and recent developments have only reinforced this status. A highly dynamic city that serves as the perfect platform into mainland China and beyond, Hong Kong is the ideal place for business in Asia.
With all of Asia’s key markets less than four hours’ away, it is easy to understand why over 9,000 businesses and companies have made Hong Kong their home. Many of these have positioned their strategic functions in the city, including sales, operations, research and development (R&D), distribution, regional headquarters and corporate treasury centres.
EUROPE
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INTERNATIONAL RESIDENCY AND CITIZENSHIP PLANNING
The US EB-5 Investment Visa Programme – the ultimate route for international students
The United States has long been the first choice for parents of international students, who are drawn by the high quality of US higher education, its value on the international labour market and the access it offers to job opportunities in the US post-graduation.
US universities consider any students who do not hold either US citizenship or a ‘Green Card’ – officially known as a Permanent Resident Card – to be an international applicant, regardless of where they live or attend school.
SOVEREIGN CSR
Support James Elliot Square and Paris Noriss in their ‘Strides for Good’ campaign this Christmas!
In less than two months’ time, James Elliot Square and Paris Noriss will embark on an incredible journey that will see them attempting to run seven marathons on seven different continents in just seven days.
As competitors in the World Marathon Challenge, they will be running a total of 295km in a week to support the Sovereign Art Foundation (SAF). The Challenge begins on 31 January with a marathon around the Ultima Base Camp in the Antarctic, where temperatures plunge as low as -25°C, and finishes with the seventh marathon in Miami on 6 February.
5 Questions
Alex Wong, Head of Trust and Corporate Services at Sovereign Hong Kong
Meet Alex Wong, Head of Trust and Corporate Services at Sovereign Hong Kong. With over a decade of experience in wealth succession planning and corporate structuring, Alex brings invaluable expertise to high-net-worth clients navigating the complexities of international business and family wealth management. In this edition of 5 Questions With, Alex shares insights into his role, approach to client relationships, and the evolving landscape of trust and corporate services.
Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.
