The charity of the Foundation and Family Office in Singapore is financing educational, health care and poverty projects in the region and beyond.
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The presence of more Bentleys -the Porsches on the roads is just one of the signs of the number of rich individuals and their private investment companies that have arrived in Singapore from all over the world.
Schools, charity organizations and social enterprises also flourish, encouraged by the generous donations of these wealthy newcomers.
Their presence can be seen on many fronts. The Low Tuck Kwong Foundation, named after the founder of the billionaire of Indonesian Bayan Resources, is at the top in 2023 on the Donator List based in Singapore-last year for which comparative data is available-given $ 127.6 million in Singapore (about 94 million dollars) educational and health causes, according to social impact counseling Sustrian.
Most of the funds went to the School of Public Policy Lee Kuan Yew, a postgraduate institution that is part of the National University of Singapore.
In addition to the initiative of broad influence, such as education, relief of health care and poverty, donors also support specialized causes such as the preservation of the Marines.
Dalio philanthropy, supported by Hedge Fund Family Office Titan Ray Dalio, last year sponsored by a three -week program For almost 400 young and educators in Singapore to learn about ocean science and maritime operations.
Family offices, which are private companies founded by rich individuals and families to manage their finances, play a key role in this philanthropic wave. The Dalio Family Office, based in Westport, Connecticut, announced plans to open a Satellite Office in Singapore in 2020 to monitor his investment and philanthropy in Asia.
Dalio philanthropy is also part of the Blue Oceans’ Philanthropy Filanthropy Initiative, which brings together organizations to support the ocean of the ocean and the marina in Asia. The Alliance supports the Temasek Trust, the Philanthropic Krak of the Singapore Temesek Holdings state investor.
Other members of the Assia Philanthropy Association include the Jollibee Group Foundation and the Tanoto Foundation, and the latter was founded by President of RGE Sukanto Tanoto.
Stacy Choong, a partner at the Withersworldwide International Attorney’s Company, has attributed the increase in philanthropic activities of several factors, including the increasing concentration of wealth in Singapore, favorable regulations and tax incentives, and a wish by high net validity to return to society. .
The reputation of the city state for good management is also a draw.
“People want the certainty that their trust and foundations will manage responsibly and effectively after they are no longer nearby,” said Choong, who advises clients about real estate planning and philanthropic initiatives.
Singapore as a philanthropic center
According to the Singapore Monetary Administration, the city state now hosts more than 2,000 family offices in 200 in 2019. The Government wants to upgrade to this momentum by encouraging more family offices to channel their regional and global philanthropic efforts through the passage through their regional and global philanthropic efforts through their regional and global philanthropic efforts through their regional and global philanthropic efforts through their regional and global philanthropic Singapore.
Already several foundations based in Singapore supports initiatives that extend far outside Asia. The Chandler Management Institute conducts customized training for over 500 government leaders a year throughout Africa and Asia, while the activities of IHK Tolaram Foundations include providing training for skills and prosthetic limbs in Nigeria.
“What has changed in the last few years is that the Singapore Government is driving to become an Asian philanthropic center,” said Anthonia Hui, a philanthropist and a sharp fan of performing arts that moved from Hong Kong to Singapore in 2000. , the popular local theater group, Hui and her husband is one of the greatest supporters.
Hui, who has a background in wealth management, said financial advisers do not automatically include philanthropy as part of their conversations with clients in the past, but it does more because of the incentives of the Government. This includes a 100% tax deduction On the means donated abroad if certain conditions are fulfilled, according to the monetary authority of Singapore.
Measurement issues
An assessment of the right size of the philanthropic sector Singapore is challenging because of the many ways the donors can give.
Single production of the total giving of philanthropic organizations registered in Singapore reached $ 431 million in $ 2023, which is almost twice over 2022.
A charity foundation whose directors have collected most of their wealth beyond Singapore made three of the top 10 donors: Low Tuck Kwong Foundation, Tanoto Foundation and Moh Foundation, set by a family of late furniture tycoon, Laurence Moh, who earned his wealth in the United States.
117 Organizations that are excluded by philanthropic groups, primarily funded by public donations or government sources, as well as those with political or religious affiliation, according to his website. Its data also do not include family offices that are awarded to part of their resources with philanthropia or in privately managed means that are not registered as a charity organization or Grant -ovci in Singapore.
Looking in advance, Choong Withersworldwide said the philanthropic ecosystem of Singapore is used by network effect. In addition to numerous donors based in the city country, there are also organizations such as the Singapore Foundation and the Mother’s Fund, which will help in harmonizing potential donors with proven initiatives.
As Singapore cemented its status of a global wealth center, it also appears as a powerful philanthropy house, where wealth is not only preserved, but also worked for greater good, the players in the industry said.
