Several foreign private banks and wealth management institutions are increasing their recruitment efforts in Hong Kong to cater to the influx of mainland capital. As Chinese individuals seek offshore diversification, driven by policies attracting the wealthy, private wealth assets could almost double by 2030, reaching $2.3 trillion. Additionally, a report from the Private Wealth Management Association (PWMA) in Hong Kong shows that the focus of the private banking industry is shifting from ultra-high net worth individuals to more entry-level clients, with 44% of surveyed institutions targeting emerging wealthy individuals with assets under $10 million for future expansion in the next 3 to 5 years. A series of tax exemptions and family office policies in Hong Kong have accelerated the overseas investments of mainland wealthy individuals, while Singapore's enhanced anti-money laundering regulations have slowed their approval processes, thereby increasing Hong Kong's attractiveness. Jamee Wong, Head of Private Clients for the Greater China region at UBS Wealth Management, stated that this year, due to several initiatives, the number of mainland clients has increased, prompting UBS to strategically expand its team in Hong Kong by hiring new client advisors and team leaders. Jamee Wong further noted that Hong Kong's tax incentives and the new Capital Investment Entrant Scheme have attracted family offices and affluent individuals to the city. It has been reported that around tens of billions of dollars have flowed into Hong Kong seeking high-yield investments and insurance. Additionally, a talent scheme has attracted a large number of white-collar professionals and young families to move to Hong Kong. To cater to tech-savvy mainland Chinese clients, UBS has strengthened its digital capabilities and provides authorized communication channels through WeChat and WhatsApp. The Private Wealth Management Association of Hong Kong previously predicted a significant increase in the number of companies servicing lower wealth groups in the upcoming 5 years. The industry recorded a net inflow of HK$341 billion last year, representing a 1.8-fold increase year-on-year, with asset management scale increasing by 0.6% to HK$9.02 trillion. According to data from the Hong Kong Securities and Futures Commission, the asset management scale rebounded by 1% to HK$9.022 trillion last year, with a 3-fold increase in net inflows. The association described last year as a turning point for the private wealth management industry in Hong Kong, estimating a substantial increase in the number of wealth management companies serving the wealth domain ranging from less than $5 million to $10 million in the next 5 years. In response, UBS is expanding its staff with the goal of doubling asset management for millionaires in the Greater China region in the next three to five years. Rickie Chan, Head of Private Banking at Oversea-Chinese Banking Corporation's Bank of Singapore private banking division, stated that as of October this year, the number of relationship managers in the bank in Hong Kong has increased by over 30%, with plans to hire more personnel. Among other major banks, Standard Chartered Bank plans to double its wealth business investments in the coming years and increase staff in Hong Kong and other cities; Andy Sieg, Head of Wealth Management at Citigroup Group, stated that due to their optimism about Hong Kong and its connections with the Greater Bay Area, Citigroup plans to increase manpower in Hong Kong; David Shick, Managing Director of Julius Baer Group, mentioned that their office space in Hong Kong expanded by over 40% last year and they continue to strategically hire client relationship managers to strengthen their front-line team.