New research by The Bridgespan Group reveals that Asia’s wealthiest families, predominantly first- or second-generation wealth holders, are reshaping philanthropy through their unique approaches. The study, which examined 186 affluent individuals and families across 20 global economies, highlights the influence of newer wealth, ongoing business ownership, and family stewardship on philanthropic practices.
The report, supported by Bridgespan’s Funders Council, including the Institute of Philanthropy, The Rockefeller Foundation, and the Gates Foundation, identifies key characteristics of family philanthropy in Asia. Notably, 94% of Asia’s wealthiest families are first- or second-generation wealth holders, and 95% maintain control over the businesses that generated their wealth. This contrasts with 85% and 68%, respectively, in high-income economies outside Asia.
Xueling Lee, co-author and partner at Bridgespan, stated, “Our research helps fill a knowledge gap on how the world’s wealthiest families organise their philanthropy and pursue impact, and finds distinguishing characteristics in Asia.”
The study finds that Asian families are more likely to support elderly care, religion, and sports, whilst families from other regions focus on science and technology initiatives. Additionally, over 80% of Asian families publicly report outputs from their giving, such as schools built, compared to 45% outside Asia.
Brian San, secretary-general of the Institute of Philanthropy, noted, “These qualities are particularly relevant in Asia, where family-owned businesses remain a powerful force.”
The research underscores the potential for family philanthropies to drive innovation and collaboration, with Deepali Khanna from The Rockefeller Foundation highlighting their role in pioneering solutions to complex problems.
