ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Hong Kong protests

Fearing capital flight, Hong Kong eyes tax breaks for the rich

Territory's $1.5 trillion wealth industry lobbies for help amid the protests

Five months of unrest have prompted the very rich to make plans to protect their wealth, with about $4 billion in capital fleeing Hong Kong in September, according to Goldman Sachs.   © Reuters

HONG KONG -- Fearful that a trickle of capital outflows could become an exodus, Hong Kong authorities are offering private banks and family offices a range of incentives that could include tax cuts to try and bolster the city's $1.5 trillion wealth management industry, the Nikkei Asian Review has learned.

The move follows over five months of unrest that has left some of Hong Kong's streets looking like a war zone, and prompted some tycoons to make contingency plans to protect their wealth. Around $4 billion of funds left Hong Kong in September, according to Goldman Sachs.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more