"By giving more, faster and better, institutional philanthropies can help foster a more equitable society and ensure that the remarkable economic growth seen across Asia translates into inclusive and sustainable development for all," William Foster, managing partner of the Bridgespan Group, said in a statement.
"The Hong Kong Jockey Club Charities Trust donated an average of $507 million a year between 2018 and 2022, making it the largest philanthropic organization in Asia," according to Bridgespan.
The Asia-Pacific region has over 1,000 self-made billionaires, together holding about $3.7 trillion in combined wealth, yet much of it remains unchanneled towards philanthropy.
The Center for Asian Philanthropy and Society (CAPS) estimates that an additional $702 billion in funding will be unlocked if Asians donated at the same rate as Americans.
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