As ultra-wealthy families seek more sophisticated wealth management solutions, accountants are expanding beyond conventional services to become strategic advisers, tackling complex investments, crossborder regulations and succession planning for the next generation.
Asia Pacific will see a US$5.8 trillion wealth transfer between 2023 and 2030, with ultra-high-net-worth (UHNW) families accounting for 60% of this intergenerational transfer. Home to the world’s second largest UHNW population (it had 12,546 individuals with a net worth of at least US$30m in 2023), the Hong Kong Special Administrative Region (SAR) has grown alongside Singapore as a primary hub for family offices in the region. The number of single-family offices in the two financial centres has quadrupled since 2020 to a combined 4,000.
‘Accountants in family offices are comprehensive strategic advisers’
Such massive growth has transformed the role of accountants in family office services. ‘Accountants working with family offices are now expected to possess a much broader skillset than those in traditional wealth management,’ explains Agnes Wong, private clients and family office tax leader for South China at PwC.
On top of conventional wealth management, accountants now advise on investments spanning real estate, equity markets and cryptocurrency, while managing complex wealth structures that require expertise in succession planning, philanthropy and crossborder tax compliance.
Frank Lam, assurance services director and family office leader at BDO, says family office accounting has undergone three key changes. There is now a need for enhanced cross-disciplinary capabilities, expertise in crossborder taxation and regulatory frameworks, and a comprehensive understanding of family governance and succession issues.
In Asia, first-generation entrepreneurs still run most family offices. While they increasingly understand that passing on wealth and business control is a major challenge, many have yet to put proper succession plans in place. That opens new doors for accounting professionals. ‘Accountants serving family offices are increasingly viewed as comprehensive strategic advisers, not merely reporting and tax specialists,’ Lam says.
Asset diversification
As family offices increasingly pursue sophisticated investment strategies, accountants are adapting to meet the new demands.
According to the UBS Global Family Office Report 2023, 41% of Asian family offices plan to increase their allocation to fixed income and stocks in developed markets by 2028, seeking to reduce risk through greater exposure to North American and European markets.
This asset diversification presents new compliance and reporting challenges for accountants. Lam says that high valuation subjectivity for assets such as fine art, wine and rare collectables, combined with crossborder tax and legal considerations, can trigger tax obligations across multiple jurisdictions.
‘You need an understanding of the underlying crypto technologies’
In cryptocurrency, the challenges are especially acute due to rapidly evolving regulations and differing standards across jurisdictions. ‘Accountants need a technical understanding of the underlying technologies,’ Wong says. ‘They should stay up to date with the regulatory changes and build technical expertise to ensure compliance and accurate reporting.’
Hong Kong’s response has been proactive. In 2025, it rolled out targeted tax breaks and maintained crypto-friendly policies as part of its strategy to bet on flexibility. The government has announced its intention to implement the OECD’s crypto-asset reporting framework to ensure global tax transparency, while also enacting a regulatory regime for fiat-backed stablecoins to strengthen its virtual asset framework.
‘Accountants should collaborate closely with legal counsel, valuation experts and tax advisers to design integrated, multidisciplinary compliance and reporting frameworks,’ Lam advises.
Crossborder expertise
Hong Kong’s family office boom is due in part to the inflow of wealth from mainland China. According to a survey by Hong Kong’s Private Wealth Management Association (PWMA) and KPMG China, 51% of the SAR’s wealth inflows will originate in mainland China by 2026, compared with 40% in 2020.
Knight Frank’s Wealth Report 2025 shows that there are more than 470,000 individuals in mainland China with a net worth above US$10m – 20% of the global total. It has helped expand Hong Kong’s family office presence to over 2,700 single-family offices as of 2023.
Hong Kong’s competitive edge comes from its ‘one country, two systems’ framework, offering mainland Chinese investors both international market access and familiar Chinese business environments.
‘The double tax arrangement can be strategically applied’
Lam advises accountants serving clients in mainland China to pay attention to anti-money laundering and customer due diligence (AML/CDD), tax planning and crossborder compliance, and financial reporting and valuation. ‘Under Hong Kong’s Anti-Money Laundering and Counter-Terrorist Financing Ordinance, professional service providers are required to conduct know-your-customer and background checks both before commencing services and on an ongoing basis,’ he explains. That means verifying client identities, understanding the nature of their business, identifying beneficial owners and monitoring transactions for suspicious activities.
Tax planning calls for careful handling. ‘Mainland residents may be subject to individual income tax in terms of their worldwide income, and the Hong Kong-mainland China double taxation arrangement can be strategically applied to minimise double taxation exposure,’ Lam says. For instance, mainland residents staying in Hong Kong for fewer than 183 days may qualify for tax relief on Hong Kong-sourced income, while those with investment income from both jurisdictions need careful tax planning to optimise their tax position.
‘The rise of family offices in Hong Kong has certainly influenced the skill requirements for accountants,’ Wong says. ‘Accountants must continuously enhance their expertise – not just for family offices, but across all sectors – to stay relevant and competitive.’
