Hong Kong ranks third globally as philanthropy hub, behind New York and Seoul, study finds

Hong Kong has been ranked third globally as the top philanthropy hub, behind New York and Seoul, according to a study by Altrata, a US-based group tracking affluent populations. The eighth edition of Altrata's High Net Worth Philanthropy report, released on Thursday, examined 100 cities based on three criteria: wealth, donor affinity, and philanthropic infrastructure.

The index defines the "global wealthy" as individuals with a net worth exceeding US$5 million, while "donors" are those who made at least one donation of US$1,000 or more between 2015 and 2025. Hong Kong's strength lies in its high concentration of private wealth, extensive family-office and wealth-management infrastructure, and a growing culture of family philanthropy with formal giving opportunities and trusted local networks.

New York topped the list due to being the world's largest wealth market and having a large pool of potential major donors. Its philanthropic infrastructure, civic institutions, alumni networks, and family foundations create a competitive donor market that emphasizes relationship-building and unique gifting propositions. Seoul ranked third, driven by an expanding pool of wealthy potential donors and the rapid growth of more structured giving channels.

In terms of regional giving, North America's ultra-wealthy donated US$115 billion to charitable causes in 2025, making up about 46% of global giving by this cohort, with US donors contributing US$107 billion alone. European ultra-wealthy contributed US$84 billion in 2025, a 35% increase from 2022. Asian philanthropy also grew by 42% from 2022, with women donors playing a more active role in charitable giving compared to men.

Despite comprising only about 12% of ultra-wealthy individuals, women accounted for 19.6% of those with a net worth of at least US$5 million and made nearly twice as many gifts over the past decade as their male counterparts.