According to a report released by the Milken Institute, a think tank based in the US, education remains as one universal focus area for family philanthropy in Asia.
The institute interviewed five philanthropic leaders from family foundations across Hong Kong, Indonesia, Philippines and Singapore.
Motivations for philanthropy, though complex, are deep rooted in family values and personal experiences.
The report looked at intergenerational dynamics within decision making. Of the three foundations and organisations who hold the top position, two are from the oldest living generation and only one from the younger generation.
Challenges for the Asian foundations included collaboration, risk aversion, time constraints in day-to-day running and funding during economic downturns.
By 2025, Asian millennials are expected to hold 35 percent of global wealth. However, with just one-third of the social investors compared to Europe, there is much work to be done.
The 2023 AVPN Global Conference in Kuala Lumpur illuminated how Asian philanthropy does not always operate in the same way as elsewhere.
Alliance’s Andrew Milner details how one of the strands of AVPN 2023 was trust-based philanthropy, and the blurring of the line between the for-profit and nonprofit sectors.
Shafi Musaddique is news editor at Alliance magazine.
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