Concern over high and persistent levels of poverty and inequality have focused attention on the broader issue of social disadvantage in Hong Kong. The social exclusion framework provides a new perspective that shifts the focus away from purely economic causes to the social processes that prevent people from participating, although conceptual and definitional ambiguities present conceptual and practical challenges to empirical research on exclusion. This paper presents results from a comprehensive survey that allows the extent and nature of social exclusion in Hong Kong to be estimated for the first time. Attention focuses on examining the broad profile of exclusion, and on the association between social exclusion and a series of indicators of subjective well-being (SWB). The overlap between social exclusion and poverty is also examined, the results showing that the two are different and are associated with different levels of well-being. Copyright of Journal of Asian Public Policy is the property of Routledge. Full article may be available at the publisher's website: http://dx.doi.org/10.1080/17516234.2013.873338