Hong Kong aims to become a leading global hub for philanthropy
Chief Secretary Eric Chan said Hong Kong is committed to building a worldwide philanthropy centre, citing over 400 new charities and more than US$1.5 billion in approved donations for 2024/25.
During the opening remarks of the Philanthropy for Better Cities Forum, Chief Secretary Eric Chan reaffirmed the government's focus on positioning Hong Kong as a global philanthropy hub. He reported that the SAR recorded over 400 new charitable entities in the previous year, bringing the total of tax-exempt charities to more than 11,000. Approved charitable donations for the 2024/25 assessment period surpassed US$1.5 billion.
Chan emphasized Hong Kong’s straightforward and transparent tax regime as a foundation for its dual role as a financial and philanthropic centre. He also mentioned the rise in single-family offices and noted that more than half are led by second-generation members, reflecting confidence among ultra-high-net-worth families in the city for generational wealth transfer. Projections of US$5.8 trillion in wealth to be passed to the next generation in the Asia-Pacific region were cited as an opportunity for Hong Kong, which manages US$5.4 trillion in assets, with overseas investors accounting for over half of the total.
Why it matters
The initiative could attract more charitable capital and strengthen Hong Kong's role in global wealth and philanthropy networks.
How the sides frame it
MODERATE AGREEMENTCentrist coverage frames the story as a data-driven look at Asian family philanthropy practices, while right-leaning coverage frames it as a government-led push to brand Hong Kong as a global philanthropy hub.
CENTER
Centrist coverage presents the forum as a study of Asian donors’ business-style giving and their limited focus on outcomes.
RIGHT
Right-leaning coverage presents the forum as a showcase of Hong Kong’s policy advantages and growth in charitable entities.
The right emphasises
- Hong Kong aims to become a leading global philanthropy hub.
- Over 400 new charitable entities were created last year, total tax-exempt charities now exceed 11,000.
- A straightforward, transparent tax regime underpins the city’s dual financial and philanthropic role.
Possibly left out
- Centrist coverage reports that 95% of families in middle-income Asian economies use business-linked giving, absent from one outlet's coverage.
In this story
