Hong Kong could see increased interest from wealthy individuals looking to establish family offices due to Switzerland’s neutrality being questioned over its stance on the Russia-Ukraine conflict, according to Treasury Secretary Christopher Hui Ching-yu.
Speaking on Sunday, Hui noted that during his recent visit to Indonesia, at least four groups expressed interest in setting up family offices in Hong Kong. He highlighted Hong Kong’s appeal to affluent individuals, emphasizing the city’s stability, free flow of capital, and secure investment environment.
“Some wealthy individuals are highly sensitive about where their assets are held, ensuring their safety and accessibility. Hong Kong has never faced such concerns,” Hui said during a radio interview. “This is a strength rooted in our Basic Law, which guarantees free capital movement and provides a stable, predictable investment climate.”
Switzerland, historically known for its neutral stance and mediation efforts, recently faced scrutiny for siding with Western nations in sanctioning Russia and criticizing President Vladimir Putin. Hui pointed out that this has impacted Switzerland’s neutral image, though the country is now working on reforms to restore it.
