This week's edition of Alliance Extra featured an article by Give2Asia CEO Birger Stamperdahl. It examines why so much of Asia's philanthropy stays domestic and how to unlock more cross-border giving.
Highlights from the article:
- The Asia Pacific region is now home to nearly 10 million millionaires. That’s larger than the total population – both millionaires and not – of Paris, Rome, Madrid, and Barcelona combined.
- Despite the massive increase in wealth, relatively few Asians are giving abroad. Limited overseas giving stands in stark contrast to long-standing traditions of charity within many cultures in Asia. Asian philanthropists are famously generous with their wealth.
- The first challenge we identified from this research is that cross-border giving is not well understood. Donors and charities alike simply lack information that allow them to find each other. Trust is another significant barrier. Finally, many funders think overseas giving is risky.
- Despite these hurdles, many wealthier Asian communities increasingly look beyond their own borders for impact. What do these donors have in common? Several traits stood out from our research and interviews, and they all relate to Relationships.
- Yet the reality remains that information is lacking, regulations are unclear, and professional philanthropic services are nascent. Unlocking Asia’s philanthropic potential will require solving all three of these challenges.