New Research Reveals How Asia's Wealthiest Families Give
Global research explores how newer wealth, continued business ownership, and family stewardship influence philanthropic practices among Asia's wealthiest families
- Roughly 94 percent of Asia's wealthiest families are first- or second-generation wealth holders
- Approximately 95 percent of Asia's wealthiest families retain control of the businesses that generated their wealth
New research from The Bridgespan Group, based on analysis of 186 of the wealthiest individuals and families across 20 economies spanning Asia, Africa, Europe, and the Americas, sheds light on how the world's wealthiest families give, what they fund, how they organise their philanthropy, and how they seek to create change.
Supported by Bridgespan's Funders Council comprising the Institute of Philanthropy, The Rockefeller Foundation, and the Gates Foundation, and with contributions from the Financial Services Development Council and Wealth Management Institute, High-Impact Family Philanthropy: What Makes Family Giving Distinctive marks the third year of the High-Impact Philanthropy series, building on previous research on institutional philanthropy and corporate giving.
"This research comes at a pivotal moment for family philanthropy, especially as private wealth continues to grow," said Xueling Lee, co-author and partner at Bridgespan. "Our research helps fill a knowledge gap on how the world's wealthiest families organise their philanthropy and pursue impact, and finds distinguishing characteristics in Asia."
In Asia, where founders and second-generation leaders often remain closely involved in the businesses that generated their wealth, philanthropy is frequently connected to broader questions of stewardship, business ownership, succession, and community engagement. The research finds that these differences are shaped by factors including the relative newness of wealth, continued business ownership, and the close connection between family, business, and philanthropy. Bridgespan's research on corporate giving highlights this dynamic: founder- or family-linked companies account for 11 of Asia's 20 largest corporate funders, compared with four among the world's 20 largest corporate funders.
"Beyond the scale of their giving, many families bring a long-term perspective, deep personal commitment, and relationships across sectors built over decades," said Brian San, secretary-general of the Institute of Philanthropy. "These qualities are particularly relevant in Asia, where family-owned businesses remain a powerful force and philanthropy is often closely connected to family stewardship, business leadership, and community engagement. The report highlights how these characteristics can help families catalyse collaboration, support innovation, and contribute to meaningful impact over time."
"This research confirms what we have seen firsthand: family philanthropy has driven some of today's boldest solutions and most pioneering research. These funders are uniquely positioned to take risks and build coalitions that can solve big, complex problems at their root," said Deepali Khanna, senior vice president and head of Asia (division) at The Rockefeller Foundation. "Some of the work we are proudest of, like the Global Energy Alliance for People and Planet, started because family philanthropies were willing to commit early and jointly at a time when no single institution could have carried it alone."
While the report finds that wealthy families around the world share many common philanthropic behaviours, it also identifies several characteristics that distinguish family philanthropy in Asia.
- Asia's wealth is newer: Approximately 94 percent of wealth held by Asia's wealthiest families sits with first- or second-generation wealth holders, compared with roughly 85 percent in high-income economies outside Asia. The relative newness of wealth influences how wealth is held, the degree of family involvement in operating businesses, the availability of liquid assets, and the form philanthropy takes.
- Asian families retain tighter control of their businesses: Approximately 95 percent of Asian families maintain control of the businesses that generated their wealth, compared with roughly 68 percent outside Asia. Where wealth remains closely tied to an operating business, philanthropic decisions often sit alongside broader considerations such as government relationships, succession planning, and reputation.
- Families fund remarkably similar issues across regions: Education, health, and support for marginalised and vulnerable populations are among the top issues supported by wealthy families. In Asia, families are more likely to support elderly care, religion, and sports, while families from other regions more frequently fund science and technology initiatives, including those related to artificial intelligence.
- Few families publicly report outcomes from their giving: More than 80 percent of families in Asia publicly report outputs from their giving, such as schools built or teachers trained, compared with just 45 percent of high-income families outside Asia. However, outcome reporting, such as learning gains or graduation rates, remains uncommon across all groups.
- Taking risks others cannot or will not: Families often have the autonomy to move from decision to deployment more readily than institutional or corporate funders. In Singapore, for example, the Lien Foundation made a decade-long push into early childhood development, a sector that few had championed when it began. Its sustained work alongside government and other stakeholders contributed to broader sector development over time.
- Facilitating collective action: Families with trusted relationships across sectors can bring together stakeholders who might not otherwise gather, helping fragmented efforts to evolve into coordinated action. In 2024, the Jollibee Group Foundation, led by Tony and Grace Tan Caktiong, partnered with the Provincial Government of Basilan, the Zuellig Family Foundation, and the League of Corporate Foundations to expand its school feeding programme. Together, the partnership supports the delivery of nutritious meals to nearly 25,000 children in 250 schools.
- Mobilising multiple types of capital: A family with authority across philanthropic and investment decisions may be able to move capital across different instruments with fewer external negotiations, board approvals, or fiduciary obligations to outside investors.
- https://www.bridgespan.org/insights/high-impact-family-philanthropy-what-makes-family-giving-distinctive
- https://www.bridgespan.org/insights/how-the-worlds-wealthiest-families-give
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https://www.bridgespan.org
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About The Bridgespan Group
The Bridgespan Group (www.bridgespan.org) is a global nonprofit that collaborates with social change organisations, philanthropists, and impact investors to make the world more equitable and just. Bridgespan's services include strategy consulting and advising, sourcing and diligence, and leadership team support. We take what we learn from this work and build on it with original research, identifying best practices and innovative ideas to share with the social sector. We work from locations in Boston, Delhi, Johannesburg, Mumbai, New York, San Francisco, Singapore, and Washington, DC.
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