Family offices
Life insurance sales in Hong Kong rose 50.6% to a record US$42.2 billion last year, driven by affluent customers seeking wealth transfer, protection and medical coverage. Paul Murray, CEO of Swiss Re’s life and health business, attributed the growth to more wealthy individuals establishing family offices in the city. Hong Kong’s lack of estate duty and tax incentives for single family offices since 2023 have drawn high-net-worth families.
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An unprecedented study shows that the anticipated transfer of US$ 9 trillion in wealth in Latin America, led by Brazil, could increase private social investment through family offices. Researchers surveyed 70 family offices and 23 high-income families, emphasizing the role of new generations and women in structured philanthropy. Data indicate an 82.5% growth in these structures, managing R$ 457 billion.