Adrian Cheng on Hong Kong's family office future, Asia’s US $5.8 trillion wealth transfer and strategic philanthropy

What are the most pressing challenges you observe when wealth transitions between generations in Asian families today
Cheng: HKAWL works closely with family next-gens and principals and has identified key challenges: first, a slanted view on wealth. Author James Hughes Jr. discussed family generational “wealth” as three intertwined forms: human, intellectual and financial capital. I might add spiritual capital too. Prevailing services and discussions around wealth transfer in Asia has been largely around financial capital. That’s why HKAWL emphasises six legacy development goals—intergenerational integration, family governance, philanthropy, impact investing, arts and culture development, as a foundation before wealth management can be effectively applied. Second, many families lack holistic governance systems that align the diverse interests of owners, members, management and stakeholders. This misalignment often leads to fragmentation and lost shared purpose over time. Finally, there is a shortage of professionals who combine technical skill with true fiduciary responsibility. Such talent must be identified, nurtured, and retained to guide families through innovation and critical transitions. 

Your recent partnership with the Prince Albert II of Monaco Foundation represents a significant international collaboration. What strategic thinking drives HKAWL's approach to global partnerships?
Cheng: HKAWL was founded to engage families in Hong Kong and beyond, recognising that building relationships across borders is vital for both business and social impact collaboration. Launched in March at the Wealth for Good Summit, our Impact Link initiative already partners with leading organisations like the Institute of Philanthropy, Yidan Prize, Fondation de France Asia and the Gates Foundation. iLink connects international families with world-class thought leadership and emerging philanthropic trends, fostering global dialogue on sustainable development and cross-border impact. Our partnership with the Prince Albert II of Monaco Foundation exemplifies this approach. As a major port city with many families linked to ocean-based businesses, Hong Kong benefits from Monaco’s global advocacy on the blue economy, enriching conversations on marine conservation and sustainable innovation aligned with our families’ environmental goals.

Through Impact Link, HKAWL emphasises measurable social impact. In your experience, how do you guide families to move beyond traditional charitable giving toward strategic philanthropy that creates lasting change? 
Cheng: Impact Link encourages families to shift from reactive charitable giving to strategic philanthropy aimed at systemic change. It helps them define a clear vision, build strong governance and use philanthropy as catalytic capital for innovation and bold experimentation. In my experience, the most meaningful metrics are outcome-based and tailored to each family’s unique goals, rather than universal standards that may not fit. At HKAWL, we emphasise funders’ role in balancing strategic vision with governance, directing capital to high-impact projects while embracing philanthropy’s flexibility for risk-taking and innovation. Families move from scattered, ad-hoc giving to intentional, reflective philanthropy. Our capacity-building programmes guide them through creating or evaluating their efforts, offering frameworks and tools they can adapt. For example, our Philanthropy Forward workshop with Washington University’s Koch Center focuses on defining impact, crafting theories of change, and establishing transformative governance. More than 30 family representatives from Hong Kong and beyond have already signed up.

We also facilitate peer exchange and real-world learning with input from Strategic Partners on themes like education, global health, arts and the blue economy. A notable event was our January luncheon with Professor José Manuel Barroso, chairman of Gavi [the vaccine alliance], discussing global vaccine impact and Hong Kong’s role amid geopolitical challenges—a catalyst for deeper dialogue. Regarding impact metrics, we recognise there’s no one-size-fits-all approach. Families define success by their values and needs, tracking it through qualitative stories or quantitative long-term outcomes that resonate personally. 

What emerging trends in Asian philanthropy excite you most?
Cheng: According to the World Giving Report 2025 by the Charities Aid Foundation, Asia is the world’s second most generous continent, with China and India ranking third and seventh globally in charitable giving. Families across the region engage deeply in community support and volunteering. Philanthropy in Asia is rooted in cultural values—Chinese traditions emphasise harmony, collective wellbeing, and social responsibility, while Indian families draw on Hindu and Buddhist teachings that view giving as a spiritual duty. Confucian ideals further reinforce philanthropy as a means to social harmony and family unity.

A recent report by Family Philanthropy in Asia, Insights from Five Families by the Centre for Asian Philanthropy and Society shows family philanthropy here is more than charity— it's a strategic bond connecting generations around shared causes, fostering purpose, collaboration and legacy. Next-generation families often approach philanthropy hands-on, blending business acumen with social impact to create lasting change. Raymond Tan, CEO of Luen Thai Holdings and Chairman of TSL Football Foundation, exemplifies this trend by integrating charitable work with business initiatives. His foundation uses football to empower seniors, people with disabilities and women, while supporting underprivileged children through the annual Luen Thai Cup in the Philippines. This “giving while living” approach delivers scalable, co-funded solutions with measurable impact. This paradigm shift—where business and philanthropy merge—marks Asia’s philanthropic future as bolder, more innovative and deeply engaged in driving social change.

What general guidance would you offer as chair of HKAWL to emerging philanthropists starting to shape their impact strategies?
Cheng: The philanthropic landscape in Hong Kong and Asia has transformed dramatically in recent years, driven by rapid wealth growth, generational change, and a focus on impact beyond charity. Family offices are evolving from preserving wealth to making philanthropy a core legacy pillar, blending it with sustainable investing and social progress.

Asia’s surge in self-made billionaires—now surpassing North America—has fuelled strategic giving aligned with creating shared value, ensuring economic success drives measurable social impact. The pandemic accelerated this shift, exposing vulnerabilities in mental health and education and prompting systemic approaches over ad-hoc donations.

As chair of the HKAWL, my recommendation to emerging philanthropists is to start with clear core values—whether education, environmental sustainability or community resilience—and build measurable, sustainable strategies. Reject superficial efforts in favour of evidence-based approaches addressing root causes through collaborations or tools like impact investing. This mindset transforms wealth into a lasting force for genuine progress in our region.

HKAWL's six legacy development goals span from family governance to arts and culture. Which of these areas do you see as most transformative for Asian families today?
Cheng: If I had to identify the most transformative legacy development goal for Asian families today, it’s family governance. It is the foundation that sustains all other areas, binding generations through shared values, vision, purpose and collaboration. Without it, succession risks conflict, leadership gaps, business downturns and disengaged heirs. Done well, family governance unlocks resilience and lasting impact across the entire legacy. As convenor of family council Mahesh Harilela shared, the journey for family members is to first engage in open dialogue, removing emotions and distinguishing between perspective (how each member views the family’s future) and perception (how they interpret past and present dynamics), in order to understand each member’s needs, aspirations and behavioural drivers.

A well-crafted family constitution hinges on managing expectations while preserving identity of each family member. It sets the tone for governance while curating a vision for future generations. When family aligns on core values and goals, strategy becomes cohesive—and execution follows.

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