Experts from The Hong Kong University of Science and Technology highlight that viewing Singapore and Hong Kong as rivals in attracting family offices for the super-rich overlooks potential collaboration. These experts point out that single family offices (SFOs), which manage the wealth of one family, often operate in multiple locations, including both Singapore and Hong Kong, as well as other financial centres. A survey conducted from August 2022 to August 2023 found that a third of SFOs maintain multiple office sites. Approximately half of the surveyed offices were in Hong Kong, a quarter in mainland China, 14% in Singapore, and 11% in other areas. The choice of location is influenced by familiarity, geographical proximity, and the local tax regime.