Asia's Rich Give To Uphold Family Values: Study

KUALA LUMPUR, Nov 17 (Bernama) -- A study on family philanthropy in Asia has revealed that Asia's wealthy engage in philanthropy primarily to ensure the continuity of core family values and create lasting legacies such as health and education. The study was published today by Union Bank of Switzerland (UBS) in association with leading business school European Institute of Business Administration (INSEAD). UBS in a statement Thursday said while geography and culture continue to be important factors in attitudes towards philanthropy, a clear difference in approach between the first and subsequent generations of Asia’s wealthy is also emerging. “Successful families across Asia have the potential to exert a transformational impact on the social, economic and environmental challenges facing the continent. "With Asia leading the world in wealth creation, it is to be expected that it will soon also lead the way in giving," said INSEAD dean Dipak C. Jain. UBS said the political and economic transformation of Asia has created vastly different approaches to tradition and modernity among successive generations with philanthropy a source of both cross-generational cohesion and dialogue between young and old. Prominent Malaysian philanthropist Ruby Khong explains in the report her philosophy for giving is not just putting food in people's hands, but to give them hope and let them know that someone cares. The study concludes that family philanthropy in the region will require a sharpened strategic focus, and a more collaborative and professional approach towards implementation. "Success will depend on the ability to accommodate the aspirations of different generations and develop models of governance that allow for contributions from all family members," it said. --BERNAMA