Business is all about making a profit, right? Well, most of the time, but for the truly successful entrepreneurs a time comes when giving back is equally important.
In Asia particularly, it seems, philanthropy is an important rite of passage for the chosen few who do particularly well.
A Capgemini/Merrill Lynch Financial Adviser Survey in March found that Asian high-net-worth individuals dedicated far more of their portfolios to philanthropic causes (12 per cent) than any other region in the world, ahead of North America (8 per cent), the Middle East (8 per cent), Europe (5per cent) and Latin America (3per cent).
Wealth management firms are well aware of Asian sensibilities and are targeting the high-end market more than ever as the older practices of established patriarchs give way to younger entrepreneurs with hands-on approaches to giving, who demand customised solutions to managing their generosity.
Lee Wong, a director at BNP Paribas Private Bank in charge of philanthropy in Asia, defines this strategic philanthropy as 'a form of organised giving' which is aligned with a focused strategy reflecting the client's philanthropic objectives.
Traditionally, giving tended to be done by affiliation, for example to express gratitude, perhaps empathy for staff, or to support a hometown community or a particular religion. These days the 'new philanthropists' are increasingly using their generosity as a means to express a sense of social responsibility, as well as a means to engineer positive global change or to serve a higher purpose, Ms Wong says.