Hong Kong is looking to tap the next generation of wealth owners in its push to promote the SAR as a place for family offices, according to treasury chief Christopher Hui.

The secretary for financial services and the treasury also said many family offices have to better allocate their assets in this multipolar world, a trend Hong Kong needs to take note of.

On RTHK's Overview Policy programme, Hui said the territory has an institute – the Hong Kong Academy for Wealth Legacy – catering to successors of affluent families who are set to inherit and manage wealth.

"We are not looking for people who are already in power, but those who will potentially be in leadership roles. [The academy] provides them with exchange opportunities, allowing them to learn about Hong Kong's investment opportunities and management of financial legacies," Hui said.

The minister said his bureau and data company Bloomberg have teamed up for an initiative, called Hong Kong Family Office Nexus, to lure family offices from around the world to either set up shop in the SAR, or expand their presence here.

Bloomberg would hold a wealth management conference that will "create synergy" with the Wealth for Good in Hong Kong Summit next month, according to Hui.

He added Hong Kong is on track to meet the official target of attracting at least 200 new family offices by this year.