Hong Kong’s family offices are becoming a driving force in the city’s evolution as a global hub for wealth and cultural heritage. With over 3,000 family offices in operation, Hong Kong is witnessing a convergence of financial legacies and the arts. Collectors are not only interested in profit but also in creating meaningful narratives through their collections.
Business leaders like Winnie Chiu are blending business with philanthropy to drive sustainable growth. Chiu’s company supports various social ventures, demonstrating how family offices are increasingly focused on both economic success and contributing to the greater good. This approach ensures a legacy that spans generations.
The Asia Pacific Family Business Summit 2024 returned for its fourth edition, bringing together industry leaders, family business owners, and professionals to address the challenges of managing family wealth in today’s dynamic economy. Organized by BinaPavo @ kCommerce (M) Sdn Bhd (BinaPavo), the event explored strategies for sustaining, diversifying, and growing wealth across generations while maintaining core values and legacies. Dr.
Mohar Yusof, BinaPavo Founder and President, emphasized the uniqueness of family businesses and the importance of effectively managing their distinctive family elements.
Family offices drive sustainable growth
“Family businesses differ from non-family businesses due to their unique family components.
If these are not managed properly, they can negatively impact the business,” he said. Attendees gained valuable insights from discussions on wealth preservation, succession planning, and fostering stakeholder relationships. The event highlighted the significant role family businesses play in the economy, with 70 percent of businesses in Malaysia being inherited and over 90 percent being family-owned in countries like the Philippines and Indonesia.
Prominent participants and panellists, including Karangkraf Group Chairman Firdaus Hussamuddin and Sinar Karangkraf Chief Executive Officer (CEO) Farah Hussamuddin, shared their experiences and strategies for managing family wealth. The summit focused on various aspects of wealth management, including human, intellectual, social, and financial capital, to ensure the long-term success and resilience of family businesses. Hong Kong’s unique role as a superconnector was evident at the 2024 Family Business Summit, organized by Blue Pool Capital with JPMorgan as the presenting partner.
The by-invitation-only event brought together influential speakers from around the world to discuss a wide range of topics, from cross-strait relations and the South China Sea to artificial intelligence and new engines for economic growth. The success of the event highlighted Hong Kong’s resilience and determination to overcome hardships. The city’s well-established institutional strengths and internationalized outlook make it an ideal platform for meaningful exchanges that benefit the global business world.
