Recently, the Private Wealth Management Association (PWMA) released the ninth "Hong Kong Private Wealth Management Annual Report" jointly compiled with KPMG. The report shows that 2023 is a turning point for the private wealth management industry in Hong Kong, with assets under management (AUM) returning to growth, recording a strong net inflow of funds almost three times higher than the previous year, increasing the AUM to HK$902.2 billion. Hong Kong's position as a leading wealth management center remains strong and stable, with the companies surveyed showing a significant decrease in concerns about regulation. Most companies see family offices as an increasingly important source of business. Multi-shore outsourcing strategies remain a commonly used risk management strategy by clients. The industry generally believes that this is beneficial for Hong Kong's development, rather than bringing competitive risks. The report shows that mainland China remains the main source of wealth, but 21% of companies are targeting new wealth channels in Southeast Asia, while another 15% are focused on the Middle East market. Most private wealth management companies are adopting a "wait-and-see" attitude towards virtual assets. The report also reveals the growing impact of artificial intelligence on the industry. Artificial intelligence and biotechnology have become strong investment preferences for clients. In the next five years, the number of companies targeting the wealth range of less than $5 million to $10 million will significantly increase, with artificial intelligence helping to personalize services and reduce the cost of acquiring clients. Most companies report that their current use of artificial intelligence is improving or significantly improving customer satisfaction, with account opening and "know your customer" (KYC) being key areas of focus. The main challenges faced by these applications include regulatory compliance, data privacy concerns, cybersecurity, and training. Despite facing significant economic uncertainties such as global geopolitical tensions, central bank interest rate changes, and digital transformation, the majority of respondents remain optimistic about the market outlook for the next five years, especially considering the huge wealth opportunities in the mainland market. The companies surveyed expect that the assets under management from this region will continue to grow in the next five years.