Hong Kong Private Wealth Management Report 2023

The eighth annual Hong Kong Private Wealth Management report, jointly authored by the Private Wealth Management Association (PWMA) and KPMG China, provides an in-depth view into the industry landscape, evolving challenges and emerging growth opportunities for the sector.

The report is largely based on a survey of PWMA member institutions and more than 200 of their clients, as well as in-depth interviews with senior industry executives and other stakeholders in Hong Kong.

This year’s report shows the impact of the macroeconomic environment on the private wealth management sector in the past year as assets under management dropped, in line with the broader global market correction. The current higher interest rates are likely to continue in the medium term, while the geopolitical tensions may be a longer term challenge for the industry.

Despite the global uncertainty, there are reasons for optimism, and the private wealth management sector expects that the Chinese Mainland, second and third generations, and family offices will continue to be the key drivers of industry growth. In addition, regulatory changes and tax incentives introduced in Hong Kong in the past year are expected to have a positive impact on the sector, and will enhance the city’s status as an attractive location for private wealth management.