Hong Kong reinforced its position as a key hub for family wealth management and succession planning in Asia during the “Redefining Hong Kong: Next Generation Wealth 2026” conference held on September 21 at the JW Marriott Hotel Hong Kong. The event brought together regulators, family leaders, advisers, and next-generation representatives to discuss the challenges and opportunities surrounding the impending intergenerational transfer of wealth across the region.
Joseph HL Chan, JP, acting secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region (HKSAR), highlighted Hong Kong’s strengths in supporting ultra-high-net-worth families. He cited the city’s common-law framework, free capital movement, low-tax environment, and connections to mainland China and global markets as key advantages. Chan also pointed to proposed tax incentives for alternative assets—including digital assets and green bonds—that aim to bolster Hong Kong’s role in generational wealth planning.
The conference’s opening panel, titled “From empire to ecosystem – Reimagining the Asian family enterprise,” explored how successors are reshaping family businesses. Rather than simply maintaining inherited structures, younger family members are increasingly focused on innovation and growth. Participants included Professor Gao Hao of Tsinghua University, Christina Gaw of Gaw Capital Partners, Sujoy Ghosh of Sun Life Private Wealth, Professor Winnie Peng of the Hong Kong University of Science and Technology, and Sapphire Wang of E Fund HK.
Speakers noted that the complexity of managing wealth across multiple jurisdictions requires more than traditional legal or financial tools. Preparing successors now involves cultivating judgment, confidence, and shared values. Ghosh emphasized the evolving role of predecessors as mentors, helping the next generation understand the origins of their wealth and the importance of responsible investment. Wang encapsulated the challenge by stating, “You can inherit a seat. You cannot inherit conviction.”
Another panel addressed the preservation of art and collectibles as components of family legacies. Participants discussed the necessity of careful ownership structures, documentation, and stewardship to maintain both the financial and cultural value of such assets. Benjamin Cheng, CEO of Howden Private Wealth, cautioned families about the practical risks often overlooked in managing valuable collections.
The theme of transformation extended into a fireside chat with Carlo Pesenti, chairman and CEO of Italmobiliare. Pesenti detailed the family’s strategic shift from an 80-year-old cement conglomerate toward a permanent capital vehicle, driven by environmental concerns and concentration risk. The company has since redirected investments into sectors such as healthcare, retail, food, and energy, supported by the acquisition of Clessidra as an anchor investor to enhance their ability to back high-quality Italian firms.
Overall, the conference underscored that Asia’s next generation of wealth holders faces multifaceted responsibilities extending well beyond financial assets, encompassing leadership, values, community engagement, and sustainable growth. The discussions highlighted the evolving nature of family enterprises in a rapidly changing global landscape and underscored Hong Kong’s role as a strategic center for intergenerational wealth transition.