Asia's wealth is growing 1.7 times faster than the global average, freeing up more capital for investment in social impact, said experts. To help shape what that should look like, a group of 10 philanthropic organizations have come together to create a new Commission on Asian Philanthropy.
“Asian philanthropy has witnessed remarkable growth, but significant challenges remain, which may curtail the impact of existing programmes,” Lester G. Huang, chair of the Institute of Philanthropy and steward at The Hong Kong Jockey Club, one of the commission’s founding members, said in a statement. The club’s Charities Trust allocated 10.2 billion Hong Kong dollars ($1.3 billion) in funding to social impact initiatives last year. “Asia needs its own infrastructure to ensure that philanthropy has a recognised and valued role across its diverse contexts and to address the urgent social needs of the region.”
The commission aims, over the next three years, to fund research identifying opportunities for Asian philanthropy and detail how to create an “Asia, for Asia” ecosystem, recognizing specific regional challenges. It plans to release its first report in 2027.
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Rebecca L. Root
Rebecca L. Root is a freelance reporter for Devex based in Bangkok. Previously senior associate & reporter, she produced news stories, video, and podcasts as well as partnership content. She has a background in finance, travel, and global development journalism and has written for a variety of publications while living and working in Bangkok, New York, London, and Barcelona.
