The bank was motivated by Hong Kong's recent measures — including tax incentives and even the development of art storage facilities — to make the city a family office hub in the region.

The Malaysian government, through its Ministry of Finance and Securities Commission, recently announced that it is considering policies to attract wealthy investors seeking to set up family offices — to help finance small and medium enterprises and to stimulate the economy.

The high-end online retailer has increased its share of top spenders by offering more categories, including luxury children’s wear and home goods.

Elite universities have long been stocked with children of the rich. But as admissions mania spirals – only about 3% of applicants get into Harvard these days – the ultra-wealthy are taking the win-at-all-costs gamesmanship to five-star heights.

After a mass exodus in 2020 and 2021, people are now leaving the city at almost the same rate as before the pandemic.

The Whampoa Group says the new bank will offer digital asset trading, custody and management among digital banking services.