Asset worth about 4 trillion USD under management in Hong Kong last year: financial secretary

Total asset under management in Hong Kong grew 2.1 percent year on year to more than 31 trillion Hong Kong dollars (about 4 trillion US dollars) in 2023, signaling global confidence in Hong Kong's financial market, Financial Secretary of the Hong Kong Special Administrative Region government Paul Chan said Sunday.

"Worries about funds leaving Hong Kong are overblown," said Chan in his blog, citing the fact that over two-thirds of the asset under management came from outside Hong Kong. He also noted that private funds under management in Hong Kong topped 1.7 trillion Hong Kong dollars in 2023, which made it the second largest private fund management center in Asia.

Hong Kong's active and efficient financial market, as well as its cosmopolitan, secure and colorful way of life, have made it a magnet for high-net worth individuals, according to Chan.

Since the New Capital Investment Entrant Scheme launched on March 1, the HKSAR government has received over 3,800 enquiries and over 340 applications. A total of 117 applications have been approved in principle.

The HKSAR government will make continued efforts to enhance Hong Kong's role as an asset and wealth management hub, said Chan. (1 HKD equals 0.13 USD)