Credit Suisse Philanthropists Connect in Singapore: Philanthropists are Recognizing the Need for Collaboration, UHNWs Population to Grow 38% in Next 5 Years
2nd September 2022 | Hong Kong
Credit Suisse held the 10th Credit Suisse Philanthropists Connect at the iconic Raffles Hotel in Singapore, bringing together 150 guests from around the world including thought-leaders & expert practitioners in the philanthropy, and graced by President of Singapore Mdm Halimah Yacob. The Credit Suisse Philanthropy event into its 10th year, released a white paper “A Generation of Change-Makers” (co-authored by Credit Suisse, SymAsia Foundation and Asian Venture Philanthropy Network), providing insights into emerging trends in philanthropy across Asia. The event & white paper also highlighted key strategic trends in Philanthropy in Asia-Pacific: Philanthropists are recognizing the need for collaboration, and next-generation philanthropists are looking to deepen the impact of philanthropy through the strategic use of social investment tools. Asia is also growing wealthier with UHNW population (Ultra high net worth) expected to grow 38% in the next 5 years and 35% of wealth to be transferred over the next 5 – 7 years. The white paper provided insights into Change-Makers: Annie Chen – RS Group (Hong Kong), Gavin Vongkusolkit – Mitr Phol Group (Thailand), Laurence Lien – Asia Philanthropy Circle (Singapore), Mary Ann Tsao – Tsao Family Foundation (Singapore) and Noni Purmono – Bluebird Peduli (Indonesia). View Whitepaper
“ Philanthropists are Recognizing the Need for Collaboration, UHNWs Population to Grow 38% in Next 5 Years “
10th Credit Suisse Philanthropists Connect
Credit Suisse held the 10th Credit Suisse Philanthropists Connect at the iconic Raffles Hotel in Singapore, bringing together 150 guests from around the world including thought-leaders & expert practitioners in the philanthropy, and graced by President of Singapore Mdm Halimah Yacob.
Benjamin Cavalli, Credit Suisse Head of Wealth Management Asia Pacific & APAC Sustainability Leader:
“We expect the largest amount of wealth to be transferred to the next generation in the coming decade. Even as the dynamics of philanthropy change to meet this generational shift, the fundamental goal of supporting segments in society who are most in need of financial attention remains unchanged.
We look forward to seeing how the Philanthropists Connect, along with our white paper and our NextGen programs inspire change-makers toward making deep and sustained impact in the causes they support.”
Naina Subberwal Batra, AVPN CEO:
“Asia has tremendous potential to contributing towards the Sustainable Development Goals and we must build on the progress we have made thus far. Asian philanthropy is now at an important crossroad as many philanthropists are keen to apply a social impact lens to all of their personal, business and investment decisions. The time to leverage all forms of capital towards innovative social and environmental solutions, as well as to collaborate and scale these solutions, is now.”
Strategic Philanthropy Trends in Asia-Pacific
- Asia is growing wealthier even as the pandemic has exacerbated pre-existing inequalities and social and environmental issues. The Ultra-High Net Worth Individuals population is expected to grow by 38% over the next five years, and around 35% of wealth will be transferred to the next generation in the next 5 to 7 years.
- Next-generation philanthropists are looking to deepen the impact of philanthropy through the strategic use of social investment tools in tandem with grant-making, to bring about deeper, longer-lasting impact.
- Philanthropists are recognizing the need for collaboration as they work towards common goals.
Case Study Insights on Philanthropy
- Co-creating solutions for long-term impact. Philanthropists are increasingly interested in being involved in the design and structuring of social solutions.
- Moving beyond financial giving. Philanthropists are increasingly sharing their social capital including expertise and networks to further the causes they care about. By sharing their skills and strategic advice, they enable
recipient organizations to build their capacity, grow and create greater impact. - Adopting an ecosystem perspective. Philanthropists are starting to consider how to address the root causes of systemic social and economic challenges, as opposed to treating the symptoms.
- Responding to changing needs on the ground and developments in the broader ecosystem . Effective philanthropists stay connected to needs on the ground by engaging with local communities and staying abreast of changes and developments. They also stay connected to the broader landscape to understand how macro changes such as climate change and pandemics may affect the causes and communities they are seeking to impact.
- Harnessing the risk appetite of philanthropy to generate new solutions. Compared to most, philanthropists have more latitude to fund high-risk, out-of-the-box ideas in the
hope of generating scalable solutions for transformative impact. They are increasingly using philanthropic dollars as risk capital to build new solutions to existing problems alongside the public, private and social sectors.
Inaugurated in 2011, the Philanthropists Forum is designed to inspire and share practices among like-minded ultra-high net worth clients in the space of philanthropy, as well as to discuss the most urgent issues in philanthropy today. The first Forum in 2011 launched SymAsia Foundation, Credit Suisse’s dedicated client philanthropy platform.
The white paper “A Generation of Change-Makers” is available here
Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,030 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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