Marriage equality: Hong Kong’s missing piece in global wealth hub competition

Hong Kong is on the cusp of fulfilling an ambitious promise: to become one of the world’s leading private wealth hubs, competing with established centres such as Singapore and Switzerland.

The momentum is evident. 

According to Hong Kong’s Securities and Futures Commission, the total assets under management in the city’s asset and wealth management business rose to HK$35.1 trillion by the end of 2024, powered by net fund inflows of HK$705 billion. This is coupled with more than 2,700 single-family offices now operating in the city.

Yet one important element of Hong Kong’s economic architecture remains incomplete: legal inclusivity.

Marriage equality is often discussed through a social or cultural lens. In the context of global finance and talent mobility, however, it is more usefully understood as a question of legal certainty.

For internationally mobile families, entrepreneurs and investors, predictable legal treatment is not a matter of values, but of risk management.

Research by Open for Business suggests that Hong Kong may already be bearing an economic cost due to the current framework. (Disclosure: The author’s NGO, Hong Kong Marriage Equality, provided independent feedback to Open for Business on this research project.)

The city could be forgoing up to HK$22.6 billion in annual economic activity due to outward talent migration linked to non-inclusive policies. Over a decade, this would amount to a cumulative loss of approximately HK$250 billion – a figure that is economically material by any measure.

The issue is not solely about avoiding losses; it is also about future growth.

Cross-jurisdictional research consistently associates inclusive environments with higher levels of innovation and entrepreneurial activity. Open and inclusive cities score roughly twice as high on innovation metrics and 2.5 times higher on entrepreneurship than their less inclusive peers – indicators that are central to Hong Kong’s ambition to remain competitive as a financial and fintech hub.

Public attitudes have also evolved. According to a survey, around 60 per cent of Hong Kong residents now support marriage equality. This suggests that social sentiment has broadly aligned with a pragmatic economic reality: Globally mobile professionals and families increasingly expect a coherent and predictable legal environment.

These abstract considerations translate into concrete legal and commercial risks. A January 2026 report by the Chinese University of Hong Kong (CUHK) and international law firm A&O Shearman identified 21 legal areas where differential treatment based on relationship status creates uncertainty and avoidable complexity.

While recent court decisions, including the Court of Final Appeal’s 2024 ruling on inheritance, represent incremental progress, they have resulted in a piecemeal framework rather than comprehensive clarity.

The consequences can be counterintuitive. Under the current system, a surviving same-sex spouse may be recognised as a first-priority heir for inheritance purposes, yet be assigned a much lower priority when applying to administer the same estate. Such anomalies require careful legal structuring to navigate, often at significant cost.

For family offices managing multi-generational and cross-border wealth, these inconsistencies are not social questions. They represent litigation risk, administrative friction and higher transaction costs.

In a competitive global environment, such factors inevitably influence decisions about where capital, people and long-term structures are based.

Low taxes and modern infrastructure, while important, are no longer sufficient differentiators on their own. Today’s leading wealth centres are increasingly assessed on institutional stability and regulatory coherence.

Where succession outcomes depend on bespoke legal workarounds rather than clear statutory recognition, capital tends to favour jurisdictions offering greater predictability.

Addressing these legal gaps – from estate administration to comprehensive spousal recognition – would send a clear signal to international investors that Hong Kong offers a stable and well-aligned legal environment for all families, assets and legacies.

Marriage equality, in this context, is not a symbolic gesture. It functions as a form of legal infrastructure that underpins certainty, reduces risk and supports long-term planning.

By modernising its legal framework to reflect the realities of a global workforce and investor base, Hong Kong can remove a structural constraint on its own growth.

Global capital is highly mobile and responsive to risk. The question is not whether Hong Kong’s fundamentals remain strong – they do – but whether the city is prepared to align its legal framework with the expectations of a competitive, international market.

The opportunity remains open, but it will not wait indefinitely.

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