Hong Kong’s Deputy Financial Secretary Michael Wong: Data Shows HK’s Status as an International Fin

At the Hong Kong Investment Funds Association annual meeting held on June 24，Michael Wong, Deputy Financial Secretary of the HKSAR government, stated that despite facing multiple challenges, data shows that Hong Kong remains vibrant and resilient. He is confident that Hong Kong's status as an international financial center will continue to improve, emphasizing that this optimism is based on facts. He believes that Hong Kong can benefit the Chinese mainland economies as well as the local financial sector, and he looks forward to the industry promoting positive news about Hong Kong to their clients. Wong stated that despite talks of capital outflow, Hong Kong's bank deposits reached HK$16 trillion in 2023, over 5% higher than in 2022. In the first 4 months of 2024, deposits further increased by 2.1%. For the year ending March 2024, Hong Kong's public funds recorded a net fund inflow of about HK$90 billion, an impressive 45% growth year-on-year. He also pointed out that Hong Kong ranks first in Asia for asset management, with AUM reaching US$4 trillion in 2022. There are about 2,700 single family offices in Hong Kong, with 60% managing assets over US$50 million. Over the past 3 years, the number of hedge fund managers, private equity fund managers, and family offices in Hong Kong has increased by 24%. He said over the past 3 years, the number of SFC-licensed firms has grown by more than 4% to about 3,250. In 2023, there were 9,039 regional headquarters, regional offices, and local offices in Hong Kong with parent companies outside Hong Kong, slightly more than in 2022. He also mentioned that over 120,000 successful applicants have already come to Hong Kong under various talent schemes. The median salary of these talents is about HK$600,000 per year, with the top 10% earning over HK$2.5 million.