Despite the global downturn, the world’s wealthiest individuals remain committed to philanthropy. In 2024 alone, the world’s top 100 philanthropists made $240 billion in donations, according to research from the Soristic Impact Collective. This is a record-setting amount, and it comes at a time when more people are becoming interested in philanthropy.
As a result, philanthropy is becoming increasingly important to Singapore’s economy. As Singapore’s population grows, so will the need for philanthropic organizations to support local social and community needs. In addition to philanthropic efforts, more locals are entering the entrepreneurship and social innovation spaces.
These developments will help to create a more vibrant society that values and rewards talent. For instance, the recently announced National Science and Technology Awards 2024 will recognise the work of entrepreneurs in the fields of biotechnology and medical devices, among other areas. In addition, new tax changes set to come into effect in January 2024 will provide a number of opportunities for companies looking to expand in Asia, particularly in Singapore.
Despite the current global economic downturn, many wealthy individuals and families remain committed to philanthropy, especially those from emerging economies. In fact, the global philanthropic community has boosted donations by more than 30 percent over the past two years, according to the latest data from Giving Commitment. This is in stark contrast to a global slump in philanthropy from the 2008 financial crisis, when donations dropped by more than 60 percent.
A number of philanthropists in Singapore have set up their own foundations to increase the visibility and impact of their philanthropic efforts. These include the Lee Foundation, founded by rubber tycoon Lee Kong Chian in 1952, and the Lew Family Foundation. The latter is one of the 10 largest philanthropic foundations in Singapore, disbursing $52 million during its last financial year.
Meanwhile, the inaugural Singapore Literature Prize awards were presented at a gala event on Oct 2. The award ceremony saw more than 4,000 voters take part in the consumer choice category, with winners including Ali bin Salim, Daryl Qilin Yam, Pan Zheng Lei (Pan Cheng Lui) and rmaa cureess.
The glitzy awards night was held at the theatre in state-owned Media Corp of Singapore. In keeping with the sustainability theme of the awards, hosts William Chan and Yen Mbatha both wore 10-year-old dark green blazers from Alexander McQueen. The evening was also a platform to highlight the work of Conservation International, which is working globally to spotlight and secure nature’s benefits for humanity. The organization will leverage its wide network and expertise in biodiversity to connect the prize’s winners with partners that are committed to scalable solutions for people and the planet.