'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 declared Hong Kong's commitment to becoming a global philanthropic hub during his opening remarks at the Philanthropy for Better Cities Forum. The city has recognized over 400 new charitable organizations in the past year and is home to more than 11,000 tax-exempt charities, with approved donations surpassing US$1.5 billion in the 2024/25 assessment year.
Chan emphasized the city's simple and transparent tax regime as the key foundation for its status as a global business and philanthropic center. Hong Kong boasts more than 3,300 single-family offices, a 25 percent increase over the past two years, with more than half of these offices led by second-generation members, indicating trust in Hong Kong for generational wealth transfer.
Chan highlighted that projections show over US$5.8 trillion in wealth will be handed down in the Asia-Pacific region in the coming years, and Hong Kong is well-positioned to benefit from 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, with more than half of the funds coming from overseas investors. The two-day event, themed "Leaping for Impact," marked its 10th anniversary.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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