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In August 2017, Asia Times reported that Tang planned a farewell party at the Dorchester Hotel in London as doctors had given him only a month or two to live. However, before the farewell party could occur, Tang died on 29 August 2017, twenty-seven days after his 63rd birthday, leaving behind his wife Lucy and a daughter Victoria and a son Edward from his first marriage to Susanna Cheung.

Tang was unrestrained in speaking, at times scathingly, in opposition to the Hong Kong Government. He was particularly incensed by its intransigence on democratic reform. In a speech, on 18 February 2016, to the Foreign Correspondents Club, Hong Kong, in reference to the Chief Executive's policy address, he said,

He also received the award for Outstanding Achievement in Art and Design at the Asian Awards in 2014.

In 2011, Tang founded a website, ICorrect.com, where celebrities can post fixes and refutations of incorrect information spreading over the internet.

Tang was promoted from OBE to Knight Commander of the Order of the British Empire (KBE) in the 2008 New Year Honours. He was also honoured by the French Government as Chevalier of the Ordre des Arts et des Lettres (1995).

Tang was invited to provide a weekly English column for the Chinese-language Hong Kong newspaper Apple Daily. A selection of his articles has been published in a book An Apple a Week (published in 2006). He also contributed an "agony uncle" column to the weekend Financial Times, in which he responded to readers' social dilemmas.

In 1983–84, Tang taught English literature and philosophy at Peking University.

Sir David Wing-cheung Tang, KBE (Chinese: 鄧永鏘 ; pinyin: Dèng Yǒngqiāng ; Sidney Lau: DangWingCheung ; 2 August 1954 – 29 August 2017), was a Hong Kong businessman, philanthropist and socialite. He was best known for founding the Shanghai Tang fashion chain in 1994, which he sold in 1998 to Richemont.