Eye on Asia | As women get richer, they are also changing the face of philanthropy
- Women tend to be more hands-on and will try to go beyond a simple donation to deepen and broaden the impact of their funds
- Women philanthropists are also concerned about redressing gender issues that in the past may not have received adequate attention
In Asia and elsewhere, female philanthropists are stepping to the fore and pioneering innovative ways of giving at the same time as meeting community needs.
The role of women in driving philanthropic goals has grown alongside the number of wealthy women. There were 328 women billionaires last year, according to Forbes, a rise of 36 per cent year on year, and the global wealth of women is estimated to reach US$81 trillion by 2023.
The timing of this transition is significant. Systemic challenges are amplifying needs, be they in public health, environmental protection or tackling inequalities. Fresh thinking is required and female philanthropists are shaping a new way forward.
They are adopting a do-it-yourself mindset. For example, women are starting their own non-governmental organisations (NGOs) as opposed to just donating to existing ones. Many of these women spotted gaps in the causes they want to support and are funding the development of a solution. Women are supporting organisations instead of just giving to projects, as funding an organisation is a way to broaden the impact.
This represents a more human-centred way of giving, with women philanthropists paying more attention to identifying the promise of an organisation and empowering its leadership to find ways to address challenges. This approach requires an alignment of values such as compassion and empathy, which many philanthropists believe should be instilled early in life.
Their values-driven approach also means women are no longer just providing the funding. They are also bringing in their friends and family to support the causes they favour, through various forms of complementary and non-monetary support aimed at strengthening organisations and enhancing their impact.