Hong Kong ranks third globally as philanthropy hub, behind New York and Seoul, study finds

Hong Kong has emerged as the third best city in the world for wealthy individuals seeking to make philanthropic contributions over the medium term, trailing New York and Seoul, according to a study by Altrata.

The inaugural Giving Opportunity Index by the US-based group that tracks the world’s affluent population ranked 100 cities based on three criteria: wealth, donor affinity and philanthropic infrastructure.

The study defined the “global wealthy” as individuals with a net worth of more than US$5 million, while “donors” were defined as wealthy individuals who made at least one donation of US$1,000 or more between 2015 and 2025.

“Similar to New York, the global financial hub of Hong Kong has a very high concentration of private wealth and extensive family-office and wealth-management infrastructure,” according to the eighth edition of Altrata’s High Net Worth Philanthropy report, including the index, which was released on Thursday.

“Recent real estate and finance reforms have bolstered fortunes amid a structural pivot towards facilitating capital linkages with mainland China,” it added. “An established culture of family philanthropy is evolving through more formal giving opportunities, with trusted introductions and local networks still prominent.”

Hong Kong scored 47.2 out of 100 in the index, compared with 60 for New York and 49 for Seoul.

New York stood out because of its position as the world’s largest wealth market and its large pool of potential major donors, among other factors, the report said.

“The city’s extensive philanthropic infrastructure, civic institutions, alumni networks and family foundations make for a sophisticated donor market, and one that is also extremely competitive, underscoring the importance of relationship-building and distinctive gifting propositions,” Altrata said.

South Korea’s capital was recognised for its “expanding pool of wealthy potential donors” that was “driving rapid growth of more structured giving channels”.

Other Asian cities in the top 10 included Tokyo, which tied with San Francisco for fourth place, and Shenzhen, which ranked 10th.

By region, North America’s ultra-wealthy donated US$115 billion to charitable causes in 2025, accounting for about 46 per cent of global giving by this cohort. US donors alone contributed US$107 billion.

Europe’s ultra-wealthy extended US$84 billion in 2025, up 35 per cent from 2022. Their counterparts in Asia gave US$34 billion, an increase of 42 per cent from 2022 and the second-fastest rate among regions, as “philanthropic infrastructure continues to expand”, according to the study.

The report also found that wealthy women were more actively involved in philanthropy than men despite making up a minority of the global wealthy population.

This year, women accounted for about 12 per cent of individuals with a net worth of at least US$30 million and 19.6 per cent of those with a net worth of at least US$5 million, according to Altrata.

“There is a clear pattern of more frequent giving activity and across a wider range of causes among wealthy women, irrespective of an individual’s source of wealth,” the report said.

“For example, among the global wealthy with self-made fortunes, the median number of gifts in the past decade by female donors was nearly twice that of their male peers.”

The ultra-wealthy gave a total of US$250 billion to philanthropic causes in 2025, almost a third more than in 2022.

“With public funding in retreat in many countries, philanthropic activity by individuals and corporations is gaining ever greater importance as a source of fundraising income,” Altrata said.