Over the next decade, at least $500 billion will flow through philanthropic organizations, the result of rising global wealth, especially in Asia. A landmark new study by the Asian Venture Philanthropy Network (AVPN), with support from The Rockefeller Foundation, reveals how Chinese philanthropy is growing into a powerhouse that could shape the future of international giving and development, largely driven by the Chinese private sector and a new generation of wealth.
Today, China has 819 billionaires, the largest number of billionaires in the world according to the 2018 Hurun Global Rich List 1 and also the highest number of millionaires engaged in Environmental, Social and Governance (ESG) related investing according to a recent research completed by UBS. An increasing number of these high net worth individuals sense the responsibility to give back and many of them have set up their own foundations, educational institutions and supported a large number of charities in areas such as poverty alleviation, education and healthcare. The increase in wealth has enabled citizens to have a more global outlook. Combined with the government’s push for China to take a more leading role in the international arena, these factors have resulted in philanthropy in China looking abroad and becoming more international.
Despite these positive developments, China’s philanthropic sector is in its infancy, especially when taking into consideration the tools and methodologies used by the different philanthropic giving organizations, the number of players in the philanthropic ecosystem, and the potential policies that can be implemented to foster more giving. There are many opportunities to professionalize practices, build human capital and leverage the use of technology such as blockchain and artificial intelligence to bring more transparency, build more trust and thereby enable the scaling of impact.
This report presents an overview of the philanthropy ecosystem in China by reviewing existing knowledge and drawing insights from influential practitioners. It also provides an analysis of the key trends, opportunities as well as a set of recommendations for funders and resource providers who are inspired to catalyse a more vibrant and impactful philanthropy ecosystem in China.
For more information, please see the full report attached below.
The content was originally posted on https://assets.rockefellerfoundation.org
Photo Credit: Christian Keller
The views expressed in this article and report are the author's own and do not necessarily reflect those of the SDG Philanthropy Platform. The SDG Philanthropy Platform is a global initiative that connects philanthropy with knowledge and networks that can deepen collaboration, leverage resources and sustain impact, driving SDG delivery within national development planning. It is led by the United Nations Development Programme (UNDP) and Rockefeller Philanthropy Advisors (RPA), and supported by the Conrad N. Hilton Foundation, Ford Foundation, Oak Foundation, Brach Family Charitable Foundation, and many others.