Wealthy families increasingly interested in philanthropy

Wealthy families in Asia are increasingly interested in giving back to society but as it turns out, finding worthy causes to give one's money to is not always easy.

Many such families have found it necessary to hire professionals and advisors to help them with their philanthropic efforts.

These and other related issues were discussed on Thursday at the third annual Philanthropic Forum organised by private bank Credit Suisse.

Singapore President Tony Tan, who gave the opening address, noted that philanthropists globally are looking for ways to ensure their donations are channelled to intended recipients for the maximum impact.

"Not every donor has the means to assess and evaluate where their donations could make the greatest difference," he said.

"Therefore, I am glad to note the development of advisory and intermediary services for donors."

Credit Suisse's global head of private banking and wealth management, Mr Hans-Ulrich Meister, said in his speech that the bank has seen a rising interest in philanthropy among its clients.

"There is a growing desire among philanthropists globally to shft from the traditional model of leaving behind legacies towards giving while living," he said.

This has resulted in a more active and engaged philanthropy in Asia, leading to an increased demand for more philanthropy-related advisory services, he added.