Do Philanthropists Really Exist?

Yes they do – and they are increasing in numbers. This is good news for all of us and a society as a whole.

Today our founders attended the exclusive by-invitation-only “Philanthropists Connect” organised by Credit Suisse who gathered clients, thought leaders and expert practitioners in the philanthropy and non-profit space.

The theme for the event was “From bringing wealth to purpose to bringing purpose to wealth.”

President of the Republic of Singapore Mdm Halimah Yacob, was the Guest-of-Honour and she delivered a speech entitled “Philanthropy in the next decade.”

In her speech, she shared that according to the 2022 Wealth-X Philanthropy Report, 2020 was a landmark year for philanthropy, with donations by individuals reaching USD488 billion globally. Credit Suisse itself launched a global initiative that matched staff donations dollar for dollar, raising SGD35 million and benefiting over 1,400 charitable organisations around the world.

According to an October 2021 Straits Times article, 91 philanthropic foundations in Singapore contributed over SGD264 million in their latest financial year, supporting a range of causes. More wealthy families also set up philanthropic foundations during COVID-19.

One of the highlights was listening to keynote speaker Dr Adrian Cheng, CEO of Hong Kong listed New World Development. He framed his address on how to use business capabilities and wealth for lasting social impact through his 3 initiatives:

• WEMP Foundation, which aims to help thousands of parents and kids in Hong Kong on rising mental wellness and social issues
• Build For Good, a not-for-profit social housing enterprise that will help solve Hong Kong’s deep-rooted housing issues by selling units AT COST
• Cheng Fellowship, an accelerator for students who want to pilot social projects and help solve pressing issues in civil society, business, government, and NGOs.

One notion rang clear throughout the event: next generation philanthropists no longer satisfied to be just passive funders, but seek to be co-creators of social solutions. By doing good in various, complementary forms (from traditional grant-making to social investing) and focusing on ecosystem change, their philanthropy is becoming much more all-encompassing and sustainable.

The 3-course lunch was accompanied by a special treat from 10 year-old piano prodigy Mikkel Myer Lee who performed pieces from Chopin.

Well done Credit Suisse for putting up a classy event and challenging all of us to be bigger change-makers for our communities, our society and the world!