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Singapore’s Philanthropy Boom: Family Offices Fuel A 10-Fold Rise In Giving

by THEFUTURE.TEAM
February 25, 2025

Singapore is rapidly transforming into Asia’s philanthropic powerhouse, thanks to a remarkable surge in family offices. With the number of single-family offices skyrocketing from 200 in 2019 to over 2,000 today, the city-state is harnessing wealth to drive a booming culture of giving—both locally and globally.

A New Era Of Generosity

Wealthy donors are not only bolstering local initiatives; their influence reaches far beyond Singapore’s borders. High-profile players like Dalio Philanthropies—backed by hedge fund titan Ray Dalio’s family office—are channeling funds into transformative projects. For instance, Dalio Philanthropies sponsored a three-week program in Singapore last year that equipped nearly 400 youth and educators with hands-on experience in ocean science and maritime operations.

Driving Impact Across Sectors

The influx of capital is revitalizing schools, charities, and social enterprises throughout the region. In 2023, the Low Tuck Kwong Foundation, named after the billionaire founder of Indonesia’s Bayan Resources, emerged as a top donor by contributing SG$127.6 million (around $94 million) to education and healthcare causes—primarily benefiting the Lee Kuan Yew School of Public Policy.

Specialized initiatives are also gaining momentum. Singapore-based foundations are actively supporting diverse causes, from marine conservation to poverty alleviation, underscoring a broader commitment to societal impact.

A Magnet For Global Wealth

Luxury vehicles on Singapore’s streets are a subtle sign of a broader trend: an influx of global wealth. As affluent individuals and their private investment firms relocate to the city-state, Singapore is strategically positioning itself to be Asia’s hub for philanthropy. Favorable tax incentives—like a 100% deduction for qualifying overseas donations—and a reputation for exemplary governance make the city an attractive destination for high-net-worth individuals looking to make a meaningful impact.

Strategic Alliances And Government Backing

Singapore’s government is playing a pivotal role in this transformation. Initiatives such as the Philanthropy Asia Alliance—supported by entities like Temasek Trust, the philanthropic arm of Singapore’s state investor—are uniting donors to champion causes such as ocean conservation. Alongside major players like the Jollibee Group Foundation and the Tanoto Foundation, these collaborations are redefining the region’s philanthropic landscape.

Stacy Choong, a partner at Withersworldwide, attributes this rise in philanthropic activity to the concentration of wealth in Singapore, streamlined regulations, and strong government incentives. “People want the assurance that their trusts and foundations will be managed responsibly and effectively once they are no longer around,” she notes, emphasizing how these factors are reshaping the conversation around wealth management.

Beyond Borders: Global Impact

Singapore-based philanthropy is not insular. Foundations such as the Chandler Institute of Governance are delivering tailored training to over 500 government leaders annually across Africa and Asia, while initiatives like those of the Ishk Tolaram Foundation are providing vital skills training and prosthetic limbs in Nigeria.

As Singapore cements its status as a global wealth hub, it’s emerging as a force for good—where fortunes are not just preserved, but actively invested in the greater good.

In this evolving ecosystem, Singapore’s network effect—bolstered by organizations like the Community Foundation of Singapore and The Majurity Trust—ensures that philanthropic efforts are both impactful and far-reaching. Fortunes are being leveraged to drive social change, making the city-state a beacon for transformative giving in Asia and beyond.

Strained Household Finances: Eurostat Data Reveals Persistent Payment Delays Across Europe and in Cyprus

by THEFUTURE.TEAM
November 22, 2025

Improved Financial Resilience Amid Ongoing Strains

Over the past decade, Cypriot households have significantly increased their ability to manage debts—not only bank loans but also rent and utility bills. However, recent Eurostat data indicates that Cyprus continues to lag behind the European average when it comes to covering financial obligations on time.

Household Coping Strategies and the Limits of Payment Flexibility

While many families are managing their fixed expenses with relative ease, one in three Cypriots struggles to cover unexpected costs. This delicate balancing act highlights how routine payments such as mortgage installments, rent, and utility bills are met, but precariously so, with little room for unplanned financial shocks.

Breaking Down Payment Delays Across the European Union

Eurostat reports that nearly 9.2% of the EU population experienced delays with their housing loans, rent, utility bills, or installment payments in 2024. The situation is more acute among vulnerable groups: 17.2% of individuals in single-parent households with dependent children and 16.6% in households with two adults managing three or more dependents faced payment delays. In every EU nation, single-parent households exhibited higher delay rates compared to the overall population.

Cyprus in the Crosshairs: High Rates of Financial Delays

Although Cyprus recorded a notable 19.1 percentage point improvement from 2015 to 2024 in delays related to mortgages, rent, and utility bills, the island nation still ranks among the top five countries with the highest delay rates. As of 2024, 12.5% of the Cypriot population had outstanding housing loans or rent and overdue utility bills. In contrast, Greece tops the list with 42.8%, followed by Bulgaria (18.7%), Romania (15.3%), Spain (14.2%), and other EU members. Notably, 19 out of 27 EU countries reported delay rates below 10%, with Czech Republic (3.4%) and Netherlands (3.9%) leading the pack.

Selective Improvements and Emerging Concerns

Between 2015 and 2024, the overall EU population saw a 2.6 percentage point decline in payment delays. Despite this, certain countries experienced increases: Luxembourg (+3.3 percentage points), Spain (+2.5 percentage points), and Germany (+2.0 percentage points) saw a rise in payment delays, reflecting underlying economic pressures that continue to challenge financial stability.

Economic Insecurity and the Unprepared for Emergencies

Another critical indicator explored by Eurostat is the prevalence of economic insecurity—the proportion of the population unable to handle unexpected financial expenses. In 2024, 30% of the EU population reported being unable to cover unforeseen costs, a modest improvement of 1.2 percentage points from 2023 and a significant 7.4 percentage point drop compared to a decade ago. In Cyprus, while 34.8% still report difficulty handling emergencies, this marks a drastic improvement from 2015, when the figure stood at 60.5%.

A Broader EU Perspective

Importantly, no EU country in 2024 had more than half of its population facing economic insecurity—a notable improvement from 2015, when over 50% of the population in nine countries reported such challenges. These figures underscore both progress and persistent vulnerabilities within European households, urging policymakers to consider targeted measures for enhancing financial resilience.

For further insights and detailed analysis, refer to the original reports on Philenews and Housing Loans.

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