A presence of more Bentleys and Porsches on the roads is just one sign of the number of wealthy individuals, and their private investment companies, that have come to Singapore from around the world.

Schools, charities and social enterprises are also flourishing, fueled by generous donations from these affluent newcomers.

Their presence can be seen on many fronts. The Low Tuck Kwong Foundation, named after the billionaire founder of Indonesia’s Bayan Resources, topped the list of Singapore-based donors in 2023 — the latest year for which comparative data is available — when it gave 127.6 million Singapore dollars (around $94 million) to educational and healthcare causes, according to the social impact consultancy Soristic.

The bulk of the funds went to the Lee Kuan Yew School of Public Policy, a postgraduate institution that is part of the National University of Singapore.

In addition to broad-impact initiatives such as education, healthcare and poverty alleviation, donors are also backing specialized causes such as marine conservation.

Dalio Philanthropies, which is supported by the family office of hedge fund titan Ray Dalio, last year sponsored a three-week program for nearly 400 youth and educators in Singapore to learn about ocean science and maritime operations.

Family offices, which are private firms established by wealthy individuals and families to manage their finances, play a key role in this philanthropic wave. The Dalio Family Office, headquartered in Westport, Connecticut, announced plans to open a satellite office in Singapore in 2020 to oversee its investments and philanthropy in Asia.

Dalio Philanthropies is also part of the Philanthropy Asia Alliance’s Blue Oceans initiative, which brings organizations together to support ocean and marine conservation in Asia. The alliance is supported by Temasek Trust, the philanthropic arm of Singapore state investor Temasek Holdings.

Other members of the Philanthropy Asia Alliance include the Jollibee Group Foundation and the Tanoto Foundation, the latter founded by RGE chairman Sukanto Tanoto.

Stacy Choong, a partner at the international law firm Withersworldwide, attributed the rise in philanthropic activities to several factors including the increasing concentration of wealth in Singapore, favorable regulations and tax incentives, and the desire by high net-worth individuals to give back to society.

The city-state’s reputation for good governance is also a draw.

“People want the assurance that their trusts and foundations will be managed responsibly and effectively once they are no longer around,” said Choong, who advises clients on estate planning and philanthropic initiatives.

According to the Monetary Authority of Singapore, the city-state now hosts more than 2,000 single-family offices — up from 200 in 2019. The government aims to build on this momentum by encouraging more family offices to channel their regional and global philanthropic efforts through Singapore.

Already, several Singapore-based foundations support initiatives that extend far beyond Asia. The Chandler Institute of Governance conducts customized training for over 500 government leaders annually throughout Africa and Asia, while the Ishk Tolaram Foundation’s activities include providing skills training and prosthetic limbs in Nigeria.

“What has shifted in the last couple of years is that the Singapore government is driving to become Asia’s philanthropic hub,” said Anthonia Hui, a philanthropist and keen supporter of the performing arts who moved from Hong Kong to Singapore in 2000. W!ldrice, a popular local theater group, counts Hui and her husband among its biggest supporters.

Hui, who has a background in wealth management, said financial advisors did not automatically include philanthropy as part of their conversations with clients in the past, but more are doing so now because of government incentives. These include a 100% tax deduction on funds donated overseas if certain conditions are met, according to the Monetary Authority of Singapore.

Assessing the true size of Singapore’s philanthropic sector is challenging because of the many ways donors can give.

Soristic estimates total giving by Singapore-registered privately funded philanthropic organizations reached SG$431 million in 2023, almost double the total for 2022.

Charitable foundations whose principals amassed most of their wealth outside Singapore accounted for three of the top 10 donors: the Low Tuck Kwong Foundation, the Tanoto Foundation and the Moh Family Foundation, which was set up by the family of the late furniture tycoon, Laurence Moh, who made his fortune in the United States.

The 117 organizations that Soristic monitors exclude philanthropic groups primarily funded by public donations or government sources, as well as those with political or religious affiliations, according to its website. Its data also does not include family offices that allocate part of their resources to philanthropy or privately managed funds that are not registered as charities or grantmakers in Singapore.

Looking ahead, Withersworldwide’s Choong said Singapore’s philanthropic ecosystem benefits from a network effect. Besides the numerous donors based in the city-state, there are also organizations such as the Community Foundation of Singapore and The Majurity Trust that will help match potential donors with vetted initiatives.

As Singapore cements its status as a global wealth hub, it is also emerging as a powerhouse for philanthropy, where fortunes are not just preserved but put to work for the greater good, industry players said.