Why are Hong Kong's philanthropists so blinkered?
The Hong Kong skyline is testament to the generosity of the city's philanthropists, but why are their enormous donations focused on so few causes when a changing world has created many that are more pressing, asks Stuart Heaver.
No sooner had Mark Zuckerberg announced he would be giving away 99 per cent of his equity in Facebook, to "advance human potential", than a barrage of criticism began, many people dismissing his gesture as "ego-nomics" or "philanthro-me".
In Hong Kong, though, where philanthropy has long been a major part of the social fabric and is responsible for some of the city's most famous buildings and institutions, it's harder to locate any fierce critics of super-rich donors. Despite generous tax breaks for charitable donations and weak regulation, few Hongkongers find it offensive when the gilded elite choose to indulge their ego with a university building on which their name is writ large. Even on the rare occasions when objections are raised - as in 2005, when the University of Hong Kong planned to rename its Faculty of Medicine after tycoon Li Ka-shing, who had pledged HK$1 billion - the final decision tends to favour the philanthropist.
Likewise, few Hongkongers seem to raise an eyebrow when super-wealthy individuals fund a prestigious art gallery while less fortunate people sleep in cardboard boxes, old folks scavenge for rubbish to make ends meet and families fret about the quality of the air their children breathe.
It's a cruel paradox that while the gap between rich and poor widens and our environment deteriorates, Hong Kong remains one of the most charitable places on Earth. That's why some in local NGOs and charitable foundations are calling for a new type of giving, called "catalytic philanthropy", that jump-starts change in social and environmental issues close to home.
published 2015 Coutts Million Dollar Donors Report, philanthropy is expanding fast both in Hong Kong and on the mainland. Hong Kong saw 128 donations worth US$1 million or more in 2014, the total value of which was US$2.67 billion. This figure is greater than the combined total for Britain, Russia and Singapore. And given the mismatch in the size of the respective economies, it also compares very favourably to the mainland total of US$3.61 billion.