Big Take
A New Breed of Scammer Is Targeting Asia's Ultra-Rich
Jun 11, 2024
Bloomberg investing reporter David Ramli sheds light on the secretive family office industry, discussing how scammers are targeting the ultra-rich in Asia. Medway Investment board director Eric SayWei Neo shares insights on detecting imposters in the financial sector.
17:24
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Quick takeaways
- Identification of imposters in the family office industry is challenging due to its secretive nature.
- Governments in Asia are incentivizing family offices with tax benefits, leading to concerns about potential misinformation.
Deep dives
Growing Number of Family Offices in Asian Financial Hubs
The surge in family offices in Asian financial hubs like Singapore and Hong Kong to manage ultra rich families' wealth is notable. The industry is attracting billionaires like James Dyson and Ray Dalio, reflecting significant growth. However, issues of fake or exaggerated family offices are emerging, with impostors infiltrating events and conferences. The secretive nature of this industry, managing trillions globally, poses challenges in identifying legitimate players amid concerns over money laundering cases.
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