'Govt focused on making HK a global philanthropic hub'
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…
Chief Secretary Eric Chan affirmed Hong Kong's commitment to becoming a leading global philanthropic hub during his opening remarks at the Philanthropy for Better Cities Forum. He revealed that the Special Administrative Region recognized over 400 new charitable organizations last year, with more than 11,000 tax-exempt charities currently operating in the territory. The total approved donations in the 2024/25 fiscal year exceeded US$1.5 billion, according to Chan.
Highlighting Hong Kong's favorable tax regime, Chan emphasized that the city's status as a financial powerhouse and wealth management hub lays the groundwork for its potential as a global philanthropic center. The official noted that the number of single-family offices in Hong Kong had increased by 25% over the past two years, with more than half of these offices led by second-generation members. These ultra-high-net-worth families trust Hong Kong for the transfer of generational wealth.
Chan projected that over US$5.8 trillion in wealth would be transferred to the next generation in the Asia-Pacific region in the coming years, making Hong Kong well-positioned to capitalize on this trend. The city is one of the world's largest cross-border wealth management centers, with total assets under management reaching US$5.4 trillion last year. Over half of these funds originated from overseas investors.
The Leaping for Impact event, celebrating its 10th anniversary, marked the occasion with Chan's speech.
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