Donations made by Hong Kong residents and businesses to charities exceeded $1.5 billion during the 2024-2025 tax assessment year as the city continues to rise as a global center for philanthropy, Chief Secretary for Administration Eric Chan Kwok-ki said Monday.

In a speech at the opening ceremony of Philanthropy for Better Cities Forum 2026, Chan said Hong Kong has always been a society built on compassion and a deep sense of giving, with the city having around more than 11,000 tax-exempt charities. Donations made to approved charities in Hong Kong are tax-deductible.

“Thanks to the generosity of our people and businesses, approved donations exceeded $1.5 billion in the 2024-25 assessment year,” Chan said.  “The Hong Kong SAR government is fully committed to raising our city as a global center for philanthropy.” 

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He said that, under the "one country, two systems" principle, and as a bridge between East and West, Hong Kong is uniquely positioned to “deploy global capital for the greater good.”

Hong Kong’s status as a global business and philanthropic hub is underpinned by the city's transparent and internationally recognized tax regime, he added.

Chan said Hong Kong is also a wealth management powerhouse, with more than 3,300 single family offices or a 25 percent increase over the past two years.

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“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,” Chan said.

“Projections show that over $5.8 trillion in wealth will be handed over to the next generation in the Asia-Pacific region in the coming years. And they are choosing Hong Kong to do it,” he added.