HK to facilitate development of family office businesses for philanthropy, says John Lee

Chief Executive John Lee Ka-chiu said on Monday that his administration is determined to develop Hong Kong into a philanthropic hub that allows family offices to integrate philanthropy into their wealth management strategies to drive social change.

He told the Hong Kong Jockey Club’s Philanthropy for Better Cities Forum in a video speech this morning that Hong Kong had more than 10,000 tax-exempt charities in the city, with approved charitable donations allowed under the city’s profits and salaries tax amounting to some HK$14 billion.

He also noted that the city was home to about 2,700 single-family offices, with over half of them founded by individuals whose wealth exceeds US$50 million.

The Hong Kong leader said the SAR government will provide platforms for family offices to create wealth, while also directing resources towards beneficial social projects and attracting more charitable funds to Hong Kong, consolidating Hong Kong's position as a philanthropic hub.