Hong Kong’s private banking sector is seeing a resurgence of optimism, driven by a significant inflow of high net worth individuals (HNWIs) and their assets, following years of political unrest and stringent health policies. In 2023, the industry registered a net fund inflow of nearly HKD390bn (USD50bn), a more than threefold increase from the previous year. According to immigration consultancy Henley & Partners, about 200 HNWIs are expected to move to Hong Kong this year, reversing a five-year trend of outflows. This optimism is further bolstered by over 300 applications under the Capital Investment Entrant Scheme, potentially bringing over HKD10bn in new investments. Additionally, Hong Kong aims to attract at least 200 new family offices by 2025, with significant interest noted from the Middle East, India, Israel, and other parts of Asia.