Asia is filled with billionaires. The Asia-Pacific region is home to over 1,000 self-made billionaires who together have a fortune of around $3.7 trillion, based on a UBS survey from December 2023But much of this wealth has not gone to philanthropic projects. The amounts given by the region’s largest donors are far below those of the world’s largest philanthropic organizations.
Only one Asian organization – the Hong Kong Jockey Club Charities Trust – made it into the highest 20 largest philanthropic organizations on the planet, based on a brand new report by the Bridgespan Group, a nonprofit consulting firm that advises NGOs and philanthropic organizations, highlighting the gap between philanthropy in Asia and countries just like the United States.
The Hong Kong Jockey Club Charities Trust donated a median of $507 million per yr between 2018 and 2022, making it the biggest philanthropic organization in Asia, based on Bridgespan. The Hong Kong Jockey Club, the one company authorized to supply gambling in town, donates its surplus to the Charities Trust, which in turn funds social initiatives across Hong Kong.
Yet the trust ranks only fifteenth overall, behind the Walton Family Foundation, which donated a median of $510 million every year.
First place goes to the Gates Foundation, which donated a whopping $5.7 billion annually between 2018 and 2022.
The Centre for Asian Philanthropy and Society (CAPS) estimates that one other $702 billion in grant money could possibly be released if Asians donated as much as Americans. The Hong Kong-based think tank suspects that the deficit is partly as a consequence of inadequate policies to encourage charitable giving, reminiscent of unclear and inconsistent tax treatment of donations.
“By giving more, faster and better, institutional philanthropists can contribute to a more equitable society and ensure that Asia’s remarkable economic growth leads to inclusive and sustainable development for all,” said William Foster, managing partner of the Bridgespan Group, in an announcement.
Global vs. Asian Philanthropy
Corporate foundations play a serious role in Asian philanthropy. Nearly half of Asia’s largest philanthropists are what Bridgespan calls “corporate foundations,” linked to organizations reminiscent of the Hong Kong Jockey Club, Tencent, Alibaba or Reliance Industries. By comparison, only 1 / 4 of the world’s largest donors are corporate foundations; the overwhelming majority – 70 percent – are private foundations.
“Many wealthy individuals or families in Asia continue to maintain control over their companies and often choose to donate through them,” the Bridgespan report said.
The Tata Trusts, led by former Tata Chairman Ratan N. Tata, is the biggest private foundation in Asia, donating a median of $168 million per yr between 2018 and 2022. The trusts donate to a big selection of causes in India, including healthcare, education, digital transformation and disaster relief.
Both global and Asian philanthropic organizations concentrate on education and health. However, Asian donors are likely to have a rather broader scope, supporting a median of seven different issues in comparison with five for global donors. Bridgespan suggests this may increasingly be as a consequence of Asian donors’ home countries, which face more economic and social problems than donors from the US or Europe.
Asian donors are also more sparing with their data. Just over half of the world’s largest philanthropic organizations report on the outcomes of their work and make public the changes that result from an activity. Asian donors, alternatively, are likely to only disclose results, reminiscent of the full number of individuals supported, based on Bridgespan.
