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Businessman in Financial Maze Labyrinth made of $100 banknotes. Photo: Shutterstock.com

The Chinese national security law recently enacted in Hong Kong will have considerable impact on Hong Kong’s future as one of the Asia Pacific’s leading financial centers. While the limits of the legislation are not yet clear, China’s potential to use the broad new powers to freeze and confiscate assets has caused an increasing number of Hong Kong-based ultra-high-net-worth individuals (UHNWI) and family offices to consider moving valuable assets (and possibly themselves) outside the political and financial reach of the new law. The new favored destination is reportedly Singapore, and wealth managers are relocating their operations as well, in an effort to follow their clients.

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