Singapore Sees Uptick in Home-Grown Philanthropy

The idea of sharing wealth in Singapore, one of Asia’s richest societies, has been gaining broad support, according to Agence France-Presse.

Charitable donations by the country’s wealthy grew from $279-million in 2001 to $504-million in 2009, according to the National Volunteer and Philanthropy Centre. The increase mirrors growing wealth in the country.

A recent study by the Boston Consulting Group said Singapore had the highest concentration of millionaire households (in U.S. dollars) in the world, with 11.4 percent of Singapore families owning investable assets of at least seven figures.

But it isn’t only the wealthiest Singaporeans who are giving. Many in the country’s middle-class are doing more volunteer work. From 2000 to 2008, the rate of volunteerism in Singapore rose from 9.3 percent to 16.9 percent.