Opinion | How deeper ties with Monaco can help Hong Kong make waves
Collaboration with the principality, a magnet for millionaires, can boost Hong Kong’s blue and yacht economies and attract high-net-worth individuals
Think of Monaco: a glittering harbour, vibrant city, global icon and financial hub. Sound familiar?
We share striking similarities as compact, prosperous cities with high-density populations and strong global economic ties. We have high gross domestic products per capita when compared globally, enjoy extensive investment flows and serve as major hubs for finance and inbound capital. We are influential far beyond our geographical footprints.
I have spent a good deal of time with senior representatives from the Prince Albert II of Monaco Foundation this year and am pleased to be part of the fast-growing dialogue between Hong Kong and Monaco. I see three primary opportunities for Hong Kong in the next few years.
The Hong Kong Academy for Wealth Legacy – a subsidiary of the Financial Services Development Council, a governmental advisory body – recently signed a memorandum of understanding with the Prince Albert II of Monaco Foundation to mobilise private family capital towards the estimated US$5.5 trillion global blue economy by 2050. As a global shipping and trading hub with 1,180km of coastline and 263 islands, Hong Kong is perfectly positioned to be a global driver in the blue economy.
