HK aims to become global philanthropy center, says Eric Chan

Hong Kong is committed to developing into a global center for philanthropy, Chief Secretary for Administration Eric Chan Kwok-ki said on Monday, noting that tax-deductible charitable donations by residents exceeded US$1.5 billion in the 2024-25 assessment year. 

The remark came as Chan spoke at the opening ceremony of the Philanthropy for Better Cities Forum hosted by the Hong Kong Jockey Club, which was officiated by Chan, HKJC chairman Martin Liao Cheung-kong, and HKJC chief executive Winfried Engelbrecht-Bresges.

The two-day forum gathered around 2,000 leaders from philanthropy, sports and business sectors worldwide.

Chan said Hong Kong is uniquely positioned to drive global good through its transparent tax regime, dedicated family office strategies and unwavering commitment to charitable endeavors.

“The Hong Kong SAR Government is fully committed to raising our city as a global centre for philanthropy. Under the “one country, two systems” principle, and as a bridge between East and West, we are uniquely positioned to deploy global capital for the greater good,” he said. 

He noted that Hong Kong is home to more than 11,000 tax-exempt charities, with over 400 new organizations recognized last year. 

Chan added that beyond its status as a financial hub, Hong Kong is a wealth management powerhouse, home to over 3,300 single-family offices, a 25 percent increase from two years ago. 

More than half of these family offices are led by second-generation members, reflecting deep trust in Hong Kong as a platform for general wealth transfer, supported by targeted government policies. 

Liao said this year marks the forum's 10th anniversary and the forum has developed into an international platform that brings together leading ideas in philanthropy and promotes cross-sectoral cooperation. 

He noted that philanthropy is playing an increasingly important role for governments, businesses, and various sectors of society to collaborate and address complex global challenges.

The HKJC chairman noted that the club donates more than 90 percent of its annual post-tax operating surplus to the Hong Kong Jockey Club Charities Trust. In the past financial year, the Trust approved nearly US$1.1 billion across 191 charitable and community initiatives.

The Trust also released an impact report during the event, emphasizing that philanthropic resources should be precisely targeted to those most in need. 

The report advocated for sustained, deep intervention to help beneficiaries build long-term positive behavior changes, alongside long-term tracking and outcome evaluation mechanisms for funded projects.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓