Only one Asian organization in the top 20 largest donors in the world

Only one Asian organization — the Hong Kong Jockey Club Charities Trust — has made it into the world’s top 20 philanthropic organizations, according to a new report by Bridgespan Group, a nonprofit consulting firm that advises NGOs and philanthropic organizations, showing the difference between philanthropy in Asia and countries. like the US

The Hong Kong Jockey Club Charities Trust donated an average of $507 million per year between 2018 and 2022, making it the largest philanthropic organization in Asia, according to Bridgespan. The Hong Kong Jockey Club, the only entity licensed to offer gambling in the city, donates its surplus to the Charities Trust, which in turn funds social initiatives in Hong Kong.

However, the Trust ranks only 15th overall, behind the Walton Family Foundation, which has given an average of $510 million each year.

The Gates Foundation is in first place, donating $5.7 billion annually between 2018 and 2022.

The Center for Asian Philanthropy and Society (CAPS) estimates that an additional $702 billion in funding will be unlocked if Asians donate at the same rate as Americans. The Hong Kong think tank suggests that the shortfall, in part, is due to insufficient policies to support philanthropic giving, such as the unclear and inconsistent tax treatment of donations.

“By giving more, faster and better, institutional philanthropy can help promote a fairer society and ensure that the remarkable economic growth seen in Asia translates into inclusive and sustainable development for all,” said William Foster , managing partner of the Bridgespan Group. a statement.

Global philanthropy vs. asian

Corporate foundations are heavily present in Asian philanthropy. Almost half of Asia’s largest philanthropic organizations are what Bridgespan calls “corporate” funders, attached to organizations such as the Hong Kong Jockey Club, Tencent, Alibaba or Reliance Industries. By comparison, only a quarter of the world’s largest donors are corporate foundations; instead, the vast majority—70 percent—are private foundations.

“Many high-net-worth individuals or families in Asia continue to retain control of their businesses and often choose to give through them,” Bridgespan suggests in his report.

The Tata Trusts, led by former Tata chairman Ratan N. Tata, is the largest private foundation in Asia, giving an average of $168 million annually between 2018 and 2022. The trusts donate to a wide range of causes in India, including aid medical, education, digital transformation and disaster relief.

Both global and Asian philanthropic organizations prioritize education and health issues. However, Asian donors tend to have a slightly broader mission, offering an average of seven different issues compared to five for global donors. Bridgespan suggests that this may be due to Asian donors’ home countries, which present more economic and social problems than US or European donors.

Asian donors also tend to be stingier with their data. Just over half of the world’s largest philanthropic organizations report the results of their work, publishing the changes that occur from an activity. Asian donors, on the other hand, tend to only release results, such as the total number of people served, according to Bridgespan.

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