HONG KONG, Oct. 21 (Xinhua) -- Christopher Hui, secretary for financial services and the treasury of the Hong Kong Special Administrative Region (HKSAR) government, said on Monday that Hong Kong ranked second in Asia in terms of private equity funds under management.

Hui said that Hong Kong's asset and wealth management industry has achieved remarkable results in recent years. By the end of 2023, the total value of Hong Kong's asset and wealth management business was close to 31.2 trillion Hong Kong dollars (about 4.01 trillion U.S. dollars), with the net capital inflows increasing 3.4 times year-on-year.

As of the first half of this year, the capital under management by private equity funds in Hong Kong exceeded 233.9 billion U.S. dollars, ranking second in Asia. Hong Kong is also Asia's largest hedge fund center and cross-border wealth management center, Hui said.

Hui said that asset and wealth management is one of the key development strategies of the Financial Services and the Treasury Bureau of the HKSAR government. The bureau saw great opportunities in the diversification of asset allocation and cross-generation wealth transfer, and also the ensuing massive demand for wealth management platforms and solutions.

The market estimated that the amount of cross-generation wealth transfer in the Asia Pacific region will reach 5.8 trillion U.S. dollars between 2023 and 2030, in which 60 percent will be passed on by ultra-high net worth households (financial assets of more than 50 million U.S. dollars), he added.

Hui emphasized that to continue to deeply develop this important market, the bureau planned to optimize the current tax incentives offered to the asset and wealth management industry in various ways, bringing the market to the next level. Enditem

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