Charitable giving from family institutions and offices in Singapore finances education, health care and poverty projects in the region and abroad.
Roslan Rahman AFP | Gety pictures
The presence of more Bentleys and Porsches on the road is just one sign of the number of wealthy individuals, and their investment companies, which came to Singapore from all over the world.
Schools, charities, and social institutions flourish, and are fed up with generous donations from these wealthy new arrivals.
Their presence can be seen on many fronts. Low Tuck Kwong, which was named after the Bayan Resources Foundation in Indonesia, topped the list of donors residing in Singapore in 2023-is the last year in which comparative data is available-when it was given 127.6 million dollars Singapore (about 94 million dollars) to the reasons Educational and health care, according to social impact consultations Syrian.
The largest part of the funds went to the Lee Kuan Yu College for Public Policy, the Graduate Studies Foundation, which is part of the National University of Singapore.
In addition to initiatives with widespread effect such as education, healthcare and poverty reduction, donors also support specialized reasons such as preservation of the navy.
Dalio Philanthropies, which is supported by the family office of the Titan Ray Dalio, last year Under the auspices of a three -week program For about 400 young men and women in Singapore to identify ocean sciences and marine operations.
Family offices, private companies that have been established by the wealthy individuals and families to manage their financial resources, play a major role in this charitable wave. The Dalio Family Office, which is headquartered in Westport, Contect, has announced plans to open the satellite office in Singapore in 2020 to oversee its investments and charitable work in Asia.
Dalio Philanthropies is also part of the Blue Oceans Allanthropy ASIA Alliance, which combines organizations together to support the preservation of oceans and marine in Asia. The coalition is supported by Temasek Trust, the charitable arm of the Temasek Holdings investor.
Among the other members of the Asia Charitable Alliance are the Jollibee Group Foundation and the Tanoto Foundation, which was founded by the Chairman of the RGE Sukanto Tanoto.
Stacy Chung, a partner at the International Lawyer Witzurdoid Office, has attributed the rise in charitable activities to several factors, including an increase in wealth concentration in Singapore, favorable regulations and tax incentives, and the desire by individuals who deserve two nets in society in the response of society.
The reputation of the state in the city of good governance is also a tie.
“People want to emphasize that their funds and institutions will be managed with responsibility and effectiveness as soon as they are not present,” said Chung, who advises customers in real estate planning and charitable initiatives.
Singapore as a charitable center
According to the Monetary Authority in Singapore, the city is now hosting more than 2000 family offices-a height of 200 in 2019. The government aims to build this momentum by encouraging more family offices to direct its regional and international charitable efforts through Singapore.
Indeed, many institutions in Singapore support the post -Asia initiatives. The Chandler Governance Institute is conducting training for more than 500 government leaders annually throughout Africa and Asia, while the activities of the Ishk Tolaram Foundation include providing skills and artificial parties in Nigeria.
“A famous local theater collection, which is concerned with Hui and her husband, is among her biggest supporters.
Hui, who has a background in wealth management, said that financial advisers did not include charitable work automatically as part of their conversations with customers in the past, but more they do so now because of government incentives. These include a 100 % tax discount In the money that is donated abroad if certain conditions are met, according to the monetary authority in Singapore.
Issues of measurement
The evaluation of the true size of the charitable sector in Singapore is a challenge due to many ways that donors can offer.
Coastal estimates reached the total bid by charitable organizations funded by the private sector in Singapore to $ 431 million in Singapore in 2023, approximately the total total of 2022.
The charitable institutions whose directors collected most of their wealth outside Singapore have acquired three of the 10 best donors: Low Tuck Kwong, Tanoto Foundation and Moh Family Foundation, created by the family of the late furniture businessman, Lawrence Moh, who achieved his wealth in the United States.
117 organizations that are excluded by Syrians, charitable groups that are funded in the first place, general donations or government sources, as well as those that have political or religious affiliations, according to their website. Its data also does not include family offices that allocate part of its resources for charitable funds or money managed from the private sector, which have not been registered as charities or grant makers in Singapore.
Looking at the future, Chong Wittold Wildz said that the charitable ecosystem in Singapore benefits from the effect of the network. Besides many donors in the country, there are also organizations such as the Community Corporation in Singapore and the Majury Trust that will help the potential donors matching poor initiatives.
Players in this field said that Singapore is strengthening its position as a global wealth center, as it also emerges as a power of charitable works, as wealth is not preserved, but work is done to work for the greatest good.
