London vs. Asia: The Battle for Family Office Supremacy
A recent Bloomberg report highlights how London’s role as a global hub for family offices is under scrutiny, with tax reforms and political changes fuelling headlines about an exodus of the ultra-wealthy.
Yet the reality is more nuanced. While some individuals relocate, the management of their fortunes often remains anchored in the City — home to more than 250 single-family offices overseeing $344 billion in assets. Supported by a deep pool of professional talent, established infrastructure, and international reach, London retains a potent edge.
The City of London is not standing still. Next month, the Lord Mayor will host around 100 representatives of global family offices at Mansion House to pitch the City’s credentials directly. The stakes are high: at least 20% of the world’s 500 wealthiest people now operate family offices, and many —such as Lakshmi Mittal, James Dyson, and Maria Angelicoussis — still base them in London. Even those who have moved abroad, such as Guillaume Pousaz (Monaco) or Shravin Bharti Mittal (UAE), often maintain London-based investment arms.
But Asia is pressing its advantage. Singapore and Hong Kong are competing aggressively for this “patient capital,” offering attractive tax regimes, streamlined regulation, and growing financial sophistication. With global family offices forecast by Deloitte to exceed 10,000 and $5.4 trillion in assets by 2030, both cities see extraordinary opportunity.
Yet the challenge is clear: ecosystems must continue to evolve. For Singapore and Hong Kong, it’s no longer enough to be regional rivals — they are now pillars in a global network, competing not just with each other but with London, Dubai, and New York.
To capture mobile capital and meet the needs of future generations, both must deepen their pools of specialist talent, scale cross-border fiduciary frameworks, and ensure regulatory agility to support increasingly complex, hybrid strategies.
The Bloomberg report makes one thing clear: the next chapter in wealth management won’t be written by a single hub, but by how centres like London, Singapore, and Hong Kong position themselves within an interconnected global ecosystem. Those that adapt — and deliver trust, innovation, and expertise — will define the future of family offices.
Michael Velten
Source: https://lnkd.in/eJW3ysHd
Get In Touch
For more information please contact Michael Velten.
michael@veltenadvisors.com
+6590687547
37 Ann Siang Rd, Singapore 069715
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