Wealth Management Connect (WMC) to bolster investment in Greater Bay Area
March 19. 2021
Residents of Hong Kong, Guangdong and Macau will be allowed to invest in a new scheme. The pilot plan, Wealth Management Connect (WMC) will allow investments across borders in the Greater Bay Area.
Asia has seen a substantial rise in the number of high-net-worth individuals and first-time entrepreneurs. They have generated great wealth in a very short amount of time. Hong Kong has been battling with Singapore for prime position as a family office hub over the past couple of years. Both offer lucrative opportunities for high net worth largely backdropped by favorable tax incentives.
The Family Office Association of Hong Kong (FOAHK) recently conducted a survey for the region. Their findings held 64% of respondents in the wealth and asset management sector, who believe Hong Kong is still the chief location.