20190504 The business timesis asia giving back enough – asia philanthropy fast easy ways to make money circle

IN the 1992 film version of dominique lapierre’s novel city of joy, set in the squalor of kolkata’s slums, patrick swayze plays a down-in-the-mouth american doctor opposite om puri’s penurious indian rickshaw-puller. The story is about small acts of everyday heroism that fast easy ways to make money are the guiding rubric of caring, commitment and community. The film ends with a quote that is flashed across fast easy ways to make money the scene, sans voiceover or any semblance of audio: “all that is not given… is lost.” that poignant line has probably haunted everyone who left the fast easy ways to make money theatre that day, almost three decades ago. Today, giving goes beyond unquantifiable random acts of everyday heroism to fast easy ways to make money the headline-making news of high net worth individuals (hnwis) paying it forward to their communities, even going where governments fear to tread.

While in the west, the wealthy have set up trust foundations and pledged to fast easy ways to make money give away half or more of their wealth – as in the giving pledge signed by billionaires warren buffett fast easy ways to make money and bill gates – in asia, the perception is that not enough is being done. As of april 2019, the pledge has 190 signatories: wealthy individuals and couples from 22 countries, mostly from europe and north america. Only a few asians such as india’s azim premji and hong kong’s li ka-shing have set up substantial foundations.

As national university of singapore economics professor sumit agarwal notes fast easy ways to make money in a march 2019 article titled why it’s time to talk about death and taxes, “whilst the region’s wealth has soared, levels of giving have remained relatively static or at best fast easy ways to make money sluggish”. He points specifically to asia’s generally low or non-existent levels of inheritance tax, allowing individuals to pass all or most of their wealth fast easy ways to make money on to their families after their death.

“for a region that has the fastest-growing number of high net worth individuals, this has a significant impact on levels of giving and fast easy ways to make money philanthropy. According to the latest hurun report global rich list, as of 2018 there were 2,694 US dollar billionaires in the world, up by 437 from a year earlier. By far the fastest rate of wealth creation is in fast easy ways to make money asia,” argues prof agarwal.

“overall wealth held by the world’s super-rich grew by 31 per cent in 2018 to US$10.5 trillion, equivalent to 13.2 per cent of global gross domestic product (GDP). That means an unprecedented block of global wealth lies in fast easy ways to make money the hands of a very few individuals. China had 819 billionaires in 2018, pulling well ahead of the US. Now, it is reasonably safe to say that most billionaires have fast easy ways to make money more than they need.”

In the united states, when the 1940s inheritance tax reached 77 per cent, super-rich individuals such as the rockefellers and the gettys decided fast easy ways to make money to channel their wealth to funding universities, hospitals, art galleries and libraries, among other high-profile acts of philanthropy. High tax write-offs – up to almost 70 per cent – could also have incentivised the wealthy in france to donate fast easy ways to make money generously to rebuilding efforts when the notre dame cathedral in fast easy ways to make money paris was almost razed to the ground last month.

According to wealth-X, which publishes the high net worth handbook, the asia-pacific region is forecast to experience the strongest growth in fast easy ways to make money the number of hnwis and combined wealth. The region’s HNW (high net worth) population is projected to increase at a compound annual growth fast easy ways to make money rate of 7.6 per cent over the next five years, with total net worth trailing slightly at 7.5 per cent. In just two years, by 2021, the HNW population of the asia-pacific region is expected to overtake even europe, the middle east and africa, the report states.

“in asia, the non-profit sector is still in variable stages of development – many still quite early – in terms of government regulation, available channels of giving, as well as capability to deliver effective programmes and services. Information on issues and needs is also less accessible to fast easy ways to make money donors. Trained professionals in this space are also rare as compared fast easy ways to make money to the west, where the non-profit sector is often pursued as a career with universities fast easy ways to make money offering academic degrees in various aspects of non-profit work,” dr tsao says.

Laurence lien, another prominent singapore philanthropist, points out that the asian context differs from the west fast easy ways to make money in a number of ways. Mr lien is chairman of the lien foundation founded in fast easy ways to make money 1980 by his late grandfather dr lien ying chow, who donated almost half his wealth to set up the fast easy ways to make money foundation, out of a deep concern for singapore’s poor and those deprived of a chance for a fast easy ways to make money proper education.

Further, religion plays a role. Faith-driven philanthropy is more common in the region, mr lien notes. Also complicating matters is the observation that asian countries are fast easy ways to make money generally not very supportive of philanthropists. “they can be quite suspicious and cynical of philanthropists and fast easy ways to make money their motives, which translates to a lack of support,” he explains.

“the US is quite a unique country in its generosity. Total charitable giving in the US in 2017 was US$410 billion, which was about 2.1 per cent of GDP. Total charitable giving in singapore in 2016 was S$2.86 billion, which was about 0.7 per cent of GDP – one-third that of the US. But there are also many other western countries that fare fast easy ways to make money similarly poorly against the US.

“the 2016 charities aid foundation report on gross domestic philanthropy, which reports only on individual giving, showed that countries such as south korea, singapore and india are more generous than most continental european fast easy ways to make money countries. Generosity is often a function of the depth of civil fast easy ways to make money society and participation, and the degree to which government crowds out private initiative.

“in asia, the former is often lacking, while the latter differs from country to country. In western european countries, big government dominates. Taxes are high and most social amenities are state-provided.” he adds: “asians give differently too. Many prefer to give anonymously because they do not want fast easy ways to make money to draw attention to their gifts, either because culturally they believe giving is best given privately fast easy ways to make money or they do not wish to attract unwanted attention from fast easy ways to make money government authorities and officials.”

Malaysian businessman and philanthropist ruben emir gnanalingam believes acts of fast easy ways to make money charity by wealthy individuals in asia largely go unnoticed, and that is the way hnwis prefer it in this fast easy ways to make money part of the world. “I think as a proportion of wealth, hnwis in asia probably do more for their communities. We always hear about stories about certain individuals in the fast easy ways to make money west but that is not necessarily the average standard. HNWIs everywhere sometimes prefer to just focus on the community fast easy ways to make money rather than the publicity,” says mr gnanalingam, whose father tan sri G gnanalingam is on forbes’ billionaires list.

Mr lien further illustrates why comparing the asian context and fast easy ways to make money its many complexities to the west is akin to comparing fast easy ways to make money chalk with cheese: “many asian UHNWI’s (ultra-high net worth individuals) assets have yet to be decoupled from their family businesses. A lot of the philanthropy is done through their corporate fast easy ways to make money foundations or as CSR (corporate social responsibility). More than in the west, next generation family members are often involved in the businesses fast easy ways to make money that the first generation wealth creators started.

“we are engaged in a continued effort to refine and fast easy ways to make money strengthen our giving in an organised and systematic way as fast easy ways to make money to how much to give, how to give, and most importantly, what impact we are aiming to deliver. It’s early days for us yet as we are still fast easy ways to make money developing a philanthropic framework and infrastructure, similar to that for our business, so we can be optimally impactful in our giving. We are still working on this.”

The second approach the tsao foundation draws on is from fast easy ways to make money the view of business itself as a force for good: “it’s not just about making money on one hand in fast easy ways to make money whichever way and then giving it away (as CSR or philanthropy), but the business itself should be a vehicle for positive fast easy ways to make money change by creating social impact through the way we make fast easy ways to make money investments and conduct our businesses.

“this requires transforming our businesses – be it divesting businesses and investments that we don’t believe in (such as oil and gas, extractives, tobacco, etc), or investing in or developing enterprises that create positive environmental fast easy ways to make money and social impact (such as renewable energies, businesses that create employment and/or benefits for the underserved, etc).”

“this is more so in the west, but among a small group of asian businesses – especially family businesses – this focus on ESG has become a central purpose of fast easy ways to make money their profit. My family business is a founding member of FBNA (family business network asia, a chapter of FBN international) and we fully embrace its charter of the care of fast easy ways to make money people and the planet as a central philosophy of how fast easy ways to make money we do our business,” adds dr tsao.

Mr lien is today the chief executive of the asia fast easy ways to make money philanthropy circle (APC), a donor platform started in 2015 which brings asian philanthropists fast easy ways to make money – private individuals, families or foundations – together to address the region’s social challenges. “I strongly believe philanthropists can be change agents in asia fast easy ways to make money and contribute significantly more to the development of the region,” he says.

A board of six experienced philanthropists guides and oversees the fast easy ways to make money APC. Among its early founders are stanley tan (the former chairman of the national volunteer and philanthropy centre), cherie nursalim and mr lien. Instead of merely copying from the west, the APC intends to evolve a uniquely asian type of fast easy ways to make money philanthropy. Even so, could better incentives help nudge those in asia to put fast easy ways to make money their wealth to good causes, as prof agarwal believes?

According to mr lien, asian philanthropists have the added disadvantage of working mostly in fast easy ways to make money environments in which ngos are under-developed. “we need to work together to develop capacity in the fast easy ways to make money social and philanthropy sector. We need to be more experimental, particularly in designing lower cost, scalable solutions, as models from the west are often too resource-intensive,” he says.

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