Hong Kong's private wealth management sector remains optimistic about its five-year outlook, driven by opportunities from mainland China's wealth and the city's growing appeal as a regional family office hub, according to an industry survey. The confidence persists despite global headwinds such as geopolitical tensions, central bank rate fluctuations, and digital disruptions, the ninth annual Hong Kong Private Wealth Management Report 2024 by the Private Wealth Management Association and KPMG China found. Assets under management edged up 0.6% to HK$D9,022bn (USD1,159bn) in 2023, marking a turnaround as inflows nearly tripled from the previous year. Family offices and next-generation wealth are key growth drivers, with firms increasingly targeting the USD5-10m segment expected to show the strongest growth over the next five years.