Family offices were once considered the preserve of Western dynasties – rooted in the legacies of European aristocracy and American industrial wealth. But the landscape is shifting. With rapid wealth creation across Asia, many families now face the same challenge that legacy families in older markets have long navigated: how can wealth be structured to last?
In Asia, Singapore and Hong Kong have become natural centres for this evolution. Both are now firmly established as leading hubs for wealthy families seeking to consolidate, professionalise, and future-proof their wealth. As twin pillars of a fast-maturing ecosystem, both locations offer unique strengths and reflect Asia’s rising influence in global wealth planning, part of a wider global trend where different regions of the world – including, among others, Dubai and Abu Dhabi in the Middle East – are advancing distinct family office services in response to growing intergenerational wealth and evolving family needs.
Asia sees a regional boom in family offices
According to the Family Barometer 2025, 74 per cent of the families in Asia who are served by a family office choose the single-family office (SFO) model. Singapore in particular has seen a remarkable surge in interest, with over 2,000 SFOs established by the end of 2024 – a tenfold increase in just a few years. Hong Kong is also solidifying its position as a hub, with more than 2,700 SFOs tapping into investment opportunities in mainland China, Asia-Pacific, and global markets for families.
“We’re seeing families move beyond simply managing wealth – they’re looking for institutional-style platforms that can support them across borders, across generations,” says Christos Anagnostopoulos, Head of Family Office Solutions/Advisory Asia at Julius Baer. “Singapore and Hong Kong offer that mix of infrastructure, talent, and regional relevance.” Incentive schemes from regulators such as the Monetary Authority of Singapore and the Hong Kong Monetary Authority have accelerated this growth. Initially aimed at fund managers, many of these initiatives now attract UHNW families seeking to formalise their structures.
What is driving the uptake in Asian family offices?
What’s driving the shift is not just regulatory appeal, but a broader generational change. In Asia, wealth is still relatively new – often held by the second or third generation, unlike in North America or Europe, where legacies stretch six or more generations.
“This is the moment when many families start thinking differently,” says Christos. “There’s a growing awareness that if the goal is to preserve wealth across generations, the structure around it has to be just as carefully built as the wealth itself.” As a result, priorities are evolving. While many Asian family offices still focus primarily on investment and wealth structuring, governance and philanthropy are gaining ground, even if they remain at an earlier stage of development.
1. Evolving priorities for a new generation
This is where Singapore and Hong Kong stand out. Singapore has positioned itself as a natural hub for Asian families and those looking for a gateway to Asia, offering political stability, strong legal frameworks, and a clear regulatory environment. It serves clients from across Asia and the Indian subcontinent with access to world-class infrastructure and residency programmes. Hong Kong’s international appeal, proximity to mainland China, deep talent pool, and mature ecosystem of advisers attracts both Chinese families and those from across Asia and beyond. The presence of top international schools also appeals to those seeking a family-oriented base with continuity.
“Where you base your family office isn’t just a technical decision – it often comes down to where the family feels connected and understood,” adds Christos. “While incentives matter, the decision is rarely just technical. Factors like cultural affinity, proximity to loved ones, and lifestyle considerations all weigh heavily when choosing a jurisdiction.”
2. Growing complexity demands a professional approach
As younger generations of Asian families study, settle, and build lives abroad, wealth management becomes significantly more complex. With assets and family members spread across multiple jurisdictions, succession planning, oversight, and risk management demand more structured solutions.
Julius Baer has been witnessing a marked trend towards the professionalisation of family offices across Asia. Families are bringing in experienced professionals from the banking, legal, and investment worlds to manage their affairs with greater discipline and structure.
“We support this shift through a holistic approach that addresses three core pillars: advisory, platform, and building like-minded communities,” says Christos. “We begin by helping families define the true purpose of their family office – who it will serve, what portion of the wealth it will manage, and what functions it will cover. From there, we support the legal framework and help build the investment and operational infrastructure that enables smart, informed decision-making.”
For wealthy Asian families, investment management remains the anchor
For most Asian family offices, investment management remains the core focus. Portfolios often include structured products, private equity, real estate, and other private market holdings, but families are seeking deeper insights into risk and exposure.
“We want to empower clients with advanced digital tools to support this: consolidating data across custodians, providing close to real-time data analysis, and enabling scenario modelling,” says Christos. “Whether it’s assessing the true exposure of an investment portfolio or aligning private and public market positions, better data leads to better decisions.”
What are the concerns about family offices – and what is the solution?
Cost remains a concern for many families, as reflected in this year’s Family Barometer. But that’s true across regions. The bigger shift is in perception: “As awareness grows, families are beginning to understand that a well-structured family office is not a luxury, but a necessity – especially when lives are complex, assets are global, and the family itself is evolving,” says Christos.
To manage costs, many are exploring collaborative set-ups, pooling resources across branches or using private-label fund structures to scale efficiently.
Perhaps the most important shift is one of mindset. In Asia, families are starting to understand that a family office is not simply about managing wealth, it’s about managing complexity, risk, and vision in a structured, professional way. It’s about freeing the family to focus on what truly matters. As the region’s wealth landscape matures, families take a proactive approach – setting clear goals, building disciplined structures, and working with partners who understand both the numbers and the nuances of family life.
Read more about regional shifts in our Family Barometer 2025, available below.