Singapore Encourages Wealthy Citizens to Donate With Policy

As more wealthy Asians move away from the conventional model of making simple donations, the new accepted path is to open foundations as well as venture philanthropy. And among these Asians, Singapore is one such country in which these donors are being encouraged to do so by making it easier for them, thanks to Senior Ministers.

Speaking at the Credit Suisse Philanthropists Forum, the Senior Minister, Goh Chok Tong, validated the fact that most of the wealthy are now moving away from the concept of leaving behind a legacy to the “giving while living” philosophy, and this calls for the need of advisory services in Asia. And this is where banks are beginning to set up philanthropic advisory capabilities to advise clients on how to give without the need of setting up a foundation of their own.

And according to statistics, with the world’s wealth increasing by almost 72 percent with figures touching $ 200 trillion over the last decade, there is no doubt that the wealthy of Asia (apart from other parts of the world) are in a position to assist those who are in need of help.

In particular, China’s billionaires have also contributed almost 6 percent of their wealth in the last few years, and which amounted to almost $ 3.3 billion over the last five years. Despite these growing numbers, philanthropy remains a challenge, and this is where Singapore comes in, being a primary financial hub in Asia, and one of the ways by which it has encouraged philanthropy is giving tax cuts up to 2.5 times for people who donate to the Institute of a Public Character.