Crazy rich Asians: Young and focused on education but less generous than their North American and European peers, survey finds

The region’s super-wealthy trail their peers when it comes to parting with their money for a good cause, a survey by Wealth-X suggests

Their younger average age and a less developed not-for-profit sector may help explain the discrepancy

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Young and focused on education but less generous than their North American and European peers, the survey found. Photo: Getty Images/iStockphot

Published: 8:57pm, 27 Jan 2022

The super-rich in Asia trail their peers in North America and Europe when it comes to parting with their money for a good cause, a survey by Wealth-X suggests.

People in the region with a fortune of at least US$30 million donated a combined US$21.5 billion to philanthropic causes in 2020, representing 12 per cent of the global share from ultra high-net-worth individuals, according to the latest report from the US-based wealth data provider.

The amount was significantly lower than the US$90.5 billion and US$52 billion donated by wealthy Northern Americans and Europeans, respectively, in the same period.

The seemingly stingy figure cannot be excused by pure demographics; Asia has a larger ultra-wealthy population than Europe with a total purse that is 15 per cent bigger.

However, average age may be a factor, as might the region’s underdeveloped charity sector.

“Philanthropic giving by ultra wealthy Asians is notably lower, with the region accounting for a modest 12 per cent share of all global ultra wealthy donations in 2020,” Wealth- X said in the report.