The narrative for the past five years has been one-way: Hong Kong losing wealth-management and family-office mandates to Singapore, a function of political risk, regulatory uncertainty, and the post-2019 reputational drag. The data for 2025 and the first half of 2026 tell a more complicated story. Single-family office formations in Hong Kong have caught up with Singapore on a monthly basis, IPO listing volumes have recovered, and Stock Connect southbound flows have rebuilt. The narrative one-way story is no longer accurate.
Key takeaways
- HK SFO formations have matched Singapore monthly volume.
- IPO market has recovered from severely compressed levels.
- Southbound Stock Connect flows have rebuilt.
- Singapore remains larger in stock; the marginal flow has rebalanced.
What changed
Three things. Hong Kong's family office concession scheme has matured into something credible. Mainland Chinese capital, much of which had been moved early to Singapore, has stabilized in distribution. And the listing reforms for specialist tech companies have brought issuers back.
- FO concession. Workable, including for inbound Chinese principals.
- Listing reform. Chapter 18C and tech-IPO routes have activated.
- Southbound. Mainland inflows have rebuilt.
What it means for Singapore
Singapore is not losing the war — it remains the larger family office centre by stock — but the marginal flow has rebalanced, and that matters for fee growth.
Where each centre is differentiated
Hong Kong is the gateway to mainland public markets; Singapore is the diversified Asia centre.
What about Tokyo and Dubai
Smaller but growing.
FO formations
| Centre | 2022 / mo | 2026 / mo |
|---|---|---|
| Singapore | ~40 | ~55 |
| Hong Kong | ~12 | ~50 |
| Dubai (DIFC) | ~8 | ~35 |
The Hong Kong vs Singapore story has stopped being one-way. The marginal family office is choosing again.
Frequently asked questions
Is Hong Kong "back"?
For wealth management and IPOs, materially yes.
Is the Singapore story over?
No — but its growth rate is moderating.
Where do Chinese principals go?
Increasingly, both — distributed.
The bottom line
Hong Kong is competitive again. Singapore is still bigger, but the marginal flow is no longer one-way.
