Singapore (Commonwealth Union)_ Singapore is rapidly establishing itself as Asia’s philanthropic hub, attracting some of the world’s wealthiest individuals who are choosing the city-state to launch their charitable foundations. This trend has seen a notable uptick over the past three years, with prominent names such as Bill Gates, Ray Dalio, and Eduardo Saverin registering new foundations in Singapore under a scheme designed to encourage philanthropic giving.
According to the Commissioner of Charities, an average of five new philanthropic foundations have been registered annually since 2022 under the Grantmaker Scheme. This initiative allows for regulatory flexibility to support the development of charitable efforts by high-net-worth individuals, families, and institutions. The city-state’s robust wealth management industry, attractive tax incentives, and a politically stable environment are among the key factors drawing global philanthropists.
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High-profile foundations
Gates Foundation
Among the most notable developments is the decision by the Gates Foundation to establish a presence in Singapore. The foundation, co-founded by Microsoft billionaire Bill Gates and his former wife Melinda in 2000, is one of the world’s largest charitable organizations, focusing on eradicating poverty and disease and promoting equity worldwide. On May 5, the foundation announced plans to open an office in Singapore. Gates, currently ranked 13th on Forbes’ World’s Billionaires List with an estimated net worth of US$108 billion, recently met with Singapore’s Prime Minister Lawrence Wong to discuss the initiative. The Prime Minister described their meeting as a “wide-ranging conversation” covering topics such as clean energy and vaccine development. “Singapore looks forward to working closely with the Gates Foundation to advance innovation and improve lives here in Asia and around the world,” he noted.
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Dalio Foundation
Another key figure embracing Singapore as a philanthropic base is Ray Dalio, founder of Bridgewater Associates. In June 2023, the Dalio Foundation was registered in Singapore. Its directors include his sons, Matthew and Mark Dalio. Dalio Philanthropies has supported local causes, including a three-week ocean science and maritime education program for nearly 400 youths and educators in Singapore. The foundation distributed US$1.4 million in grants last year, primarily focusing on environmental and educational initiatives.
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Elaine and Eduardo Saverin Foundation
Eduardo Saverin, co-founder of Facebook, and his wife Elaine registered the Elaine and Eduardo Saverin Foundation in September 2023. The Brazil-born billionaire, who holds Singapore permanent residency and ranks 51st on Forbes with an estimated US$34.5 billion fortune, has already made a significant impact. In 2024, the foundation donated $20 million to the Singapore American School.
Low Tuck Kwong Foundation
Singapore-born Indonesian tycoon Low Tuck Kwong also chose his birthplace to establish the Low Tuck Kwong Foundation in February 2023. With an estimated net worth of US$27.3 billion, Low has already contributed over $160 million through his foundation. One of its major contributions includes a $101 million donation to the Lee Kuan Yew School of Public Policy to fund leadership programs and scholarships across Asia.
Salleh Marican Foundation
Mohamed Salleh Marican, founder of Second Chance Properties, created the Salleh Marican Foundation in June 2022. The 75-year-old Singaporean has pledged $100 million toward charitable causes, choosing to invest in education, religion, and humanitarian aid instead of luxury real estate. The foundation donated over $550,000 in its most recent financial year to support local and overseas social causes.
A magnet for global philanthropy
Singapore’s appeal extends beyond its tax benefits. According to the Economic Development Board (EDB), the Republic actively engages global entrepreneurs and innovators to base their operations in Singapore, including through philanthropic foundations and family offices. This strategy is helping to deepen the country’s innovation ecosystem and further integrate social impact into its economic growth model. Other notable entrants include the Rao Family Foundation, led by Indonesian gold magnate Jimmy Budiarto and his wife, and the Karim Family Foundation, launched by Bachtiar Karim of Musim Mas Holdings.
“Setting up a charitable foundation in Singapore has become a natural extension for ultra-wealthy individuals who manage their wealth through family offices based here,” said Ms Pauline Tan, a philanthropy advisor. She attributed this to the Republic’s high-quality financial and legal advisory services and its reliable regulatory environment. As Singapore continues to attract global wealth, its position as a leading platform for global philanthropy is becoming increasingly prominent. The world’s richest are not just investing their capital here, they are also choosing Singapore as the base for giving back.
