SINGAPORE (November 30, 2023) – Forbes Asia today honored 15 leading philanthropists from the Asia-Pacific region who have shown commitment and donated generously to causes close to their hearts. The 17th edition of Forbes Asia’s annual Heroes of Philanthropy list, which includes lifelong philanthropists and newcomers, can be found here and in the December issue of Forbes Asia.
The unranked list highlights business leaders who are donating from their own fortunes and giving personal time and attention to their select causes. The list does not include corporate philanthropy except for privately held companies where the individual is a majority owner. Previous honorees are considered if they have made recent significant contributions that justify a relisting.
In September, Li Ka-shing donated a total of HK$60 million (US$7.7 million) through his Li Ka Shing Foundation to two universities to support the use of AI in medical education. The Chinese University of Hong Kong (CUHK) and the University of Hong Kong (HKU), which operate the city’s two medical schools, received HK$30 million each. The schools will use the funds to train students in AI-related technologies, develop teaching tools and expand AI applications in medical imaging and robotic surgery, among other areas. Li started his foundation in 1980 and has since given away more than HK$30 billion, with the bulk of the funds going to education and healthcare.
In June, Andrew and Nicola Forrest gifted nearly 20% of their shareholding in Fortescue Metals Group, worth an estimated A$5 billion ($3.3 billion), to their philanthropic arm Minderoo Foundation. The transfer of 220 million shares in the Australian iron-ore miner, made a month before the couple announced their separation, is reported to be the single biggest donation in the country’s history and boosted Minderoo’s endowment to A$7.6 billion. The foundation supports children’s education, ending modern slavery, achieving employment parity for indigenous Australians and protecting the world’s oceans, among other initiatives. In October, Minderoo committed A$10 million for humanitarian aid to civilians affected by the conflict in Gaza, and since February 2022, has donated A$14 million to Ukraine to secure grain storage and generators, among other support programs.
Takemitsu Takizaki, the founder of sensor maker Keyence, gave 7.45 million shares worth nearly ¥390 billion ($2.6 billion) to his Keyence Foundation last year to fund scholarships to help financially disadvantaged university students in Japan. It follows the billionaire’s 3.65-million-share donation in 2020, which had a market value of around ¥164 billion. Takizaki, who started the maker of factory automation sensors in 1972 at age 26, is one of the few founders of a major Japanese company who did not attend college. He remains on Keyence’s board and is an honorary chairman after stepping down as company chair in 2015.
In February, Bayan Resources founder and president director Low Tuck Kwong gave S$101 million ($73 million) to the Lee Kuan Yew School of Public Policy, the largest-ever gift to the institute. The donation, made by the Low Tuck Kwong Foundation, will be used to fund leadership programs for policymaking and public service. The foundation was established last year and focuses on education, healthcare and medical research, as well as community and social welfare. In 2021, Low donated 50 billion rupiah ($3.2 million) as a scholarship fund for the University of Indonesia.
Kwek Leng Beng and his real estate firm, City Developments, announced a joint S$24 million ($17.8 million) endowment to the Singapore Institute of Technology (SIT) in November at the launch of his biography: Strictly Business: The Kwek Leng Beng Story. With a matching grant from the government, the total donation amounts to S$60 million and will help fund the construction of the university’s administrative building at its future campus.
Nandan Nilekani, cofounder and chairman of tech giant Infosys, donated 3.2 billion rupees ($38 million) to his alma mater IIT Bombay in June. It was to mark his 50-year association with the technology institute, where he studied electrical engineering as an undergrad. The gift, to be made over five years, will serve as an anchor contribution to help attract more donations to the institute. Nilekani has given 4 billion rupees in total to the institute since 1999. In the past year, he donated an additional 1.6 billion rupees to educational causes.
Ramon Ang, vice chairman, president and CEO of San Miguel Corp. (SMC), pledged this year to donate 500 million pesos ($9 million) to build schools for underprivileged children in Manila. Since 2020, Ang through his RSA Foundation has personally contributed over 150 million pesos to scholarship grants and medical aid. Separately, SMC’s San Miguel Foundation spent over 1 billion pesos to build five schools in the Metro Manila region, while donating 14.8 billion pesos to support relief measures during the Covid-19 pandemic and earmarking another 3 billion pesos to help clean up the city’s rivers.
For the complete Heroes of Philanthropy list, please visit www.forbes.com/altruists
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