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Asia's rich show different charitable approaches between generations

2011/08/25 16:27:18

Taipei, Aug. 25 (CNA) The wealthy in Asia engage in philanthropic causes to continue family core values and to leave legacies in areas such as education and health, according to a joint research study by global investment bank UBS and leading business school INSEAD published Tuesday.

Meanwhile, the rich among the younger and second-generation also show a "giving while living" approach, which is characterized by donations to arts and environment, according to the report.

The report was based on research of over 200 ultra-high net worth individuals and families with about 100 in-depth interviews in China, Hong Kong, India, Indonesia, Japan, Malaysia, the Philippines, Singapore, Taiwan, and Thailand.

According to the research, the older generation focuses on education, health, and poverty alleviation in their community, while their offspring adopt a more international perspective and engage more in the support of fields such as arts, human rights, and environment.

Forty-two percent of the wealthy families responded to the survey that the drive behind their charitable activities is to continue core family values and to act responsibly for the well-being of future generations.

Their donation mainly goes to the their home country, the country they emigrated from, and the ethnic group they belong to, the report shows.

The research also shows that in wealthier Asian countries, the number of philanthropists willing to donate to communities or people relatively less related to them is increasing.

Donations to the education sector was 36 percent last year, followed by poverty alleviation and development (10 percent), health (9 percent), and disaster relief (5 percent), the research found.

Charitable support to arts (4 percent), human rights (1 percent) and environmental causes (4 percent) are relatively weak in Asia compared to other regions, according to the report.

(By Kao Chao-fen and Carol Hsieh)