Leading Philanthropists and a Generous Community
Hong Kong boasts some of the world’s most prominent philanthropists, who have made significant contributions to various causes. Ronnie Chan, who is the chairman of the Center for Asian Philanthropy and Society, and his brother made news when they gave $350 million to Harvard University. This was the biggest gift the school had ever received. Lui Che-woo, Charles Chen Yidan, Run Run Shaw, and Li Ka-shing are also well-known donors who have done a lot for public service and education.
The high number of individual donations shows how kind the people of Hong Kong are as a whole. The Doing Good Index says that 32% of the budgets of Hong Kong charities come from individual gifts.
The city’s complex system for helping higher education, which includes a donation-matching program for universities, has brought in a lot of money and led to a 100-fold rise in donations to schools. One of the biggest charities in the world, the Jockey Club Charitable Trust, gives away an average of $512 million each year.
Connectivity and Global Influence
Hong Kong’s role as a global financial and business hub further strengthens its position as a regional philanthropic center. Despite recent challenges, the city remains a magnet for multinational corporations and global financial institutions. The Hong Kong Stock Exchange, the world’s largest by market capitalization, attracts significant investment and drives economic growth. In addition, Hong Kong serves as the regional base for many prestigious global universities, facilitating partnerships and collaborations in the philanthropic sector.
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Gateway to China’s Philanthropy
As the main way to get to mainland China, Hong Kong is a key link between the growing charitable sector in China and the rest of the world. Even before President Xi Jinping’s call for “shared prosperity,” Chinese philanthropists were giving back to their communities.
In the past few years, the number of Chinese charities has tripled to more than 8,000. Famous Chinese businesspeople like Cao Dewang stress the importance of social duty and giving back as a way to close the growing gap in wealth in the country.
Government Support and Policy Framework
The Hong Kong government recognizes the importance of philanthropy and actively supports the development of the sector. It has implemented measures to facilitate charitable activities and encourage corporate social responsibility. The establishment of the Institute of Philanthropy, under the auspices of the Jockey Club Charities Trust, demonstrates the Government’s commitment to promoting philanthropic endeavors and developing Hong Kong into a leading international philanthropic center.
Philanthropy for Better Cities: Hong Kong’s Vision
The Philanthropy for Better Cities Forum, organized by the Hong Kong Jockey Club Charities Trust, exemplifies the city’s commitment to philanthropy. The Forum brings together philanthropists, policymakers, social entrepreneurs, business leaders, and academics to talk about how to make cities better and give people in urban areas around the world more satisfying lives.
Hong Kong wants to play an increasingly important role in promoting philanthropy and social effects both locally and around the world. Its goals go beyond its own borders.
