The government is fully dedicated to shaping Hong Kong as global hub for philanthropy, according to Chief Secretary Eric Chan.

In delivering his opening speech at the Philanthropy for Better Cities Forum on Monday, he said the SAR recognised more than 400 new charitable organisations last year, and Hong Kong had more than 11,000 tax-exempt charities so far.

The amount of approved donations surpassed US$1.5 billion in the 2024/25 assessment year, Chan said.

The official highlighted Hong Kong’s simple and transparent tax regime which he said lays the foundation for the city’s status as a global business and philanthropic hub.

“Hong Kong is not just a financial hub. We are a wealth management powerhouse. We are now home to more than 3 300 single family offices – a 25 percent increase over the past two years,” Chan said.

“And more than half of them have second-generation members in leadership roles, reflecting that ultra-high-net-worth families trust Hong Kong for generational wealth transfer.”

He noted that projections showed that more than US$5.8 trillion in wealth would be handed over to the next generation in the Asia-Pacific region in the coming years, and Hong Kong was best placed to take advantage of this trend.

The city is one of the world’s largest cross-boundary wealth management centres, Chan said, and total assets under management reached US$5.4 trillion last year.

More than half of the funds were from overseas investors, he added.

The two-day event themed "Leaping for Impact" marked its 10th anniversary this year.





Edited by Tony Sabine