In its 17th edition, our annual list shines a spotlight on 15 remarkable philanthropists who, in the past year, have exemplified unwavering commitment and generosity towards causes close to their hearts. This curated selection, ranging from seasoned lifelong givers to inspiring newcomers, showcases the philanthropic spirit thriving in the Asia-Pacific region.
Billionaires Empowering Missions
Some billionaires have continued to fortify their philanthropic endeavors by generously endowing their foundations. Japan’s Takemitsu Takizaki, for instance, donated 7.45 million Keyence shares, valued at nearly ¥390 billion ($2.6 billion), to fuel the mission of his foundation. Meanwhile, Australian philanthropists Andrew and Nicola Forrest contributed an estimated A$5 billion ($3.3 billion) worth of Fortescue Metals Group shares to their philanthropic arm, the Minderoo Foundation.
Investing in Education and Research:
A notable trend among our philanthropists is a dedication to advancing higher education and research, particularly in the realm of Artificial Intelligence (AI). He Xiangjian, founder of Midea Group, pledged 3 billion yuan ($410 million) to establish a fund supporting scientific research, with a focus on AI and climate change, in China. Similarly, veteran philanthropist Li Ka-shing allocated HK$60 million ($7.7 million) to promote the use of AI in medical training and research at two universities in Hong Kong.
Nurturing Mental Well-being
Several philanthropists have directed their benevolence toward mental health causes. Adrian Cheng of New World Development established a foundation in Hong Kong dedicated to supporting children’s mental well-being. Meanwhile, Australian billionaire James Packer, who has personally grappled with mental health issues, contributed to research in this field at the University of New South Wales.
Championing Education in Public Policy: Indonesian billionaire Low Tuck Kwong showcased his enduring commitment to education by donating S$101 million ($73 million) to the Lee Kuan Yew School of Public Policy through his foundation. The funds will be utilized to support leadership programs for policymaking and public service.
Newcomers and Giving Pledge Signatories: The list welcomes new faces, including India’s youngest billionaire Nikhil Kamath, who has become the country’s latest signatory of the Giving Pledge, committing to dedicate a significant portion of his wealth to philanthropy.
This unranked compilation acknowledges individuals who contribute their personal capital to causes they are passionate about, emphasizing their commitment to making a positive impact. Our heartfelt gratitude goes to these philanthropists for their dedication to creating a better world.
Edited by Rana Wehbe Watson
Research and Reporting: Jonathan Burgos, Gloria Haraito, John Kang, Phisanu Phromochanya, Anuradha Raghunathan, Yessar Rosendar, James Simms, Yue Wang, and Ardian Wibisono.
Illustrations by Florian Nicolle for Forbes Asia
ANDREW FORREST
Founder and executive chairman, Fortescue Metals Group
NICOLA FORREST
Cofounder and co-chair, Minderoo Foundation
Andrew Forrest, the 62-year-old founder and executive chairman of Fortescue Metals Group, and his co-chair, Nicola Forrest, made headlines in June with a remarkable philanthropic gesture. The power couple gifted almost 20% of their shareholding in Fortescue Metals Group, valued at approximately A$5 billion ($3.3 billion), to their charitable entity, the Minderoo Foundation. This significant transfer, comprising 220 million shares in the Australian iron-ore miner, stands as the largest single donation in the history of Australia. Impressively, this boosted Minderoo Foundation’s endowment to a substantial A$7.6 billion.
The Minderoo Foundation, spearheaded by Nicola Forrest, is dedicated to various causes, including children’s education, combating modern slavery, promoting employment parity for indigenous Australians, and safeguarding the world’s oceans. Nicola emphasized the importance of leveraging one’s resources to make a positive impact, stating, “We all need to do what we can with what we have, so I am pleased that the transfer of these shares will escalate our efforts to help those who need it most.” Andrew Forrest echoed these sentiments, highlighting the couple’s commitment to contributing to society and asserting, “This is why we will continue to donate our wealth to causes where we can make a sustainable difference.”
Despite their separation announcement a month after the monumental donation, the Forrests affirmed that their shared business interests and foundation would remain unaffected. Notably, they became the first Australians to sign the Giving Pledge in 2013, underscoring their commitment to philanthropy on a global scale.
TAKEMITSU TAKIZAKI
Founder and honorary chairman, Keyence
Another notable philanthropist, Takemitsu Takizaki, the 78-year-old founder and honorary chairman of Keyence, made substantial contributions to higher education through his Keyence Foundation. Takizaki, known for his reserved nature, donated 7.45 million shares, valued at nearly ¥390 billion ($2.6 billion), to the foundation last year. This follows his generous 3.65-million-share donation in 2020, with a market value of around ¥164 billion.
Established in 2018, the Keyence Foundation focuses on providing scholarships to financially disadvantaged university students. The foundation awards ¥100,000 per month for four years to Japanese and international undergraduate students starting university in Japan. Selection criteria include academic achievements, financial need, and a submitted essay. Additionally, the foundation offers a scholarship granting ¥300,000 each to 2,000 enrolled undergraduates annually, irrespective of financial need.
In a statement on the foundation’s website, Takizaki expressed concern about the insufficient support for young people attending college, despite expanded government aid. He emphasized his awareness of countless students diligently pursuing their dreams and goals through the scholarship program. Takizaki, who founded Keyence in 1972 at the age of 26, stands out as one of the few founders of a major Japanese company who did not attend college. Although he stepped down as company chair in 2015, Takizaki remains on the board and holds the position of honorary chairman.
He Xiangjian
Philanthropic Commitment to Scientific Research
He Xiangjian, the 81-year-old founder of Midea Group, a prominent appliance maker listed in Shenzhen, made a significant announcement in May during a government forum. He pledged to donate 3 billion yuan ($410 million) to establish the He Science Foundation, a fund aimed at supporting scientific research in China. Under the leadership of Midea Group CEO Fang Hongbo, the foundation will focus on backing scientists engaged in various fields, including artificial intelligence, climate change, and healthcare. He Xiangjian, with an estimated net worth of $21.7 billion, expressed his hope that this initiative would inspire young individuals to pursue innovation and research in critical areas that the Chinese government aims to develop as growth drivers amid an economic slowdown.
This philanthropic move adds to He Xiangjian’s long-standing commitment to charitable giving. In 2013, he established the He Foundation, dedicated to supporting education, elderly care, and poverty relief. Seeded with cash donations and 100 million Midea shares in 2017, valued at 4.3 billion yuan, the foundation has since contributed 2.2 billion yuan to various causes. Notably, the Hetai Elderly Center, providing elderly care and rehabilitation services in He’s hometown of Shunde, has been a recipient of the foundation’s support.
Vikrom Kromadit
Legacy of Generosity in Thailand
Vikrom Kromadit, founder and chairman of Amata Corp., a Bangkok-listed industrial estate operator, celebrated his 70th birthday in March by signing a will that pledges 99% of his personal assets, estimated to be billions of baht, including 7.5 billion baht ($214 million) of Amata shares, to the Amata Foundation upon his demise. This follows a history of generosity, as he had previously gifted over 2 billion baht of assets to the foundation he established in 1996.
The Amata Foundation, under Vikrom’s guidance, focuses on providing scholarships based on academic merit for secondary and college programs to students from low-income families. Additionally, it contributes grants to promote Thai art and literature. Currently constructing a museum and art exhibition hall in a castle within an industrial estate near Bangkok, the foundation aims to complete the project in three years. Vikrom, who owns more than one-quarter of Amata Corp., oversees industrial parks covering over 6,000 hectares in Thailand and Vietnam.
Vikrom reflects on his inspiration, stating, “My inspiration was rough experiences from my childhood. We are born from zero and will pass with zero. Between the zeroes, we should create useful and valuable things to share with society that will last for good.”
K.P. Singh
Transformative Philanthropy in India
At the age of 92, K.P. Singh, the Chairman Emeritus of DLF, a Delhi-based property developer, demonstrated his commitment to philanthropy by selling his remaining direct stake in the company for 7.3 billion rupees ($89 million) in August. The funds from this sale were directed towards supporting various philanthropic causes. K.P. Singh, who stepped down as chairman of DLF in 2020, has been associated with the company since 1961, playing a pivotal role in transforming Gurgaon (now Gurugram) into a high-tech city with world-class infrastructure.
Having established the K.P. Singh Foundation Trust and the K.P. Singh Charitable Foundation Trust earlier, Singh launched the KP Singh Foundation in 2020, aiming to bring about sustainable and transformative change in India. With an estimated fortune of $14 billion, he splits his time between London and Dubai. His legacy includes not only building DLF into a property giant but also contributing significantly to the development and transformation of Gurgaon into a hub for major tech, telecom, consumer, and finance corporations.
Low Tuck Kwong
Founder and president director, Bayan Resources
At the age of 75, Low Tuck Kwong, the founder and president director of Bayan Resources, made headlines in February with a generous donation of S$101 million ($73 million) to the National University of Singapore’s Lee Kuan Yew School of Public Policy. This contribution, facilitated by the Low Tuck Kwong Foundation, stands as the largest-ever gift to the institute. The funds are designated to support leadership programs focused on policymaking and public service.
Elaine Low, Low’s daughter and chairperson of the foundation, emphasized the goal of fostering collaboration between Singapore, Indonesia, and the broader Asian region. She expressed the hope that this initiative would lead to practical solutions for addressing issues and improving the lives of people in Singapore and neighboring nations. The foundation, established the previous year, has a broader focus on education, healthcare, medical research, as well as community and social welfare. Notably, Low, with a net worth of $27.2 billion, had previously donated 50 billion rupiah ($3.2 million) in 2021 for a scholarship fund at the University of Indonesia and actively runs a private zoo in East Kalimantan dedicated to the care of wild animals found near company mines.
Kwek Leng Beng
Executive chairman, City Developments
Kwek Leng Beng, the 82-year-old executive chairman of City Developments, and his real estate firm announced a joint S$24 million ($17.8 million) endowment to the Singapore Institute of Technology (SIT) in November. This endowment, matched by a government grant, totals S$60 million and will contribute to the construction of the university’s administrative building, named the Kwek Leng Beng University Tower, at its future campus in Punggol, northeastern Singapore.
Expressing his privilege in playing a role in building future generations, Kwek highlighted the significance of the donation in fostering talent and professionals, especially in the hospitality sector. Kwek, who has a passion for hotels dating back five decades, personally contributed S$720,000 earlier in the year in scholarship grants for undergraduates studying hospitality business at SIT. City Developments, under Kwek’s leadership, has become one of Asia’s largest hospitality operators with a global network of over 155 hotels.
Ramon Ang
Vice chairman, president and CEO, San Miguel Corp.
Ramon Ang, the 69-year-old vice chairman, president, and CEO of San Miguel Corp., demonstrated his commitment to education and community development by pledging 500 million pesos ($9 million) in 2023. The funds are dedicated to building schools for underprivileged children in Manila, a cause that aligns with Ang’s belief in empowering Filipinos with education and skills as a key to unlocking the country’s potential.
This donation, announced in September during the inauguration of a 39-classroom school in Tondo, one of Manila’s poorest districts where Ang grew up, reflects his conviction that education is essential for individuals seeking better jobs or aspiring to start their own businesses. With an estimated net worth of $3.4 billion, Ramon Ang has been instrumental in transforming San Miguel Corp. into a diversified conglomerate with interests in various sectors, including banking, energy, power utility, and toll roads. Through his RSA Foundation, Ang has contributed over 150 million pesos since 2020 to scholarship grants and medical aid. Additionally, San Miguel Foundation, under SMC, has spent over 1 billion pesos to build schools and provided substantial financial support for relief measures during the Covid-19 pandemic. Another 3 billion pesos have been earmarked to aid in cleaning up the city’s rivers.
Li Ka-shing
Senior advisor, CK Asset Holdings and CK Hutchison Holdings
Li Ka-shing, at the age of 95, continues to make substantial contributions to education and healthcare in Hong Kong. In September, he donated HK$60 million ($7.7 million) through his Li Ka Shing Foundation to support the integration of artificial intelligence (AI) in medical education. The Chinese University of Hong Kong (CUHK) and the University of Hong Kong (HKU), both hosting the city’s medical schools, each received HK$30 million. These funds are designated for training students in AI-related technologies, developing teaching tools, and expanding AI applications in medical imaging and robotic surgery, demonstrating Li’s commitment to the meaningful use of technology in healthcare.
Known as “Superman” in Hong Kong for his business acumen, Li Ka-shing made his fortune in diverse sectors such as real estate, retail, ports, infrastructure, and telecommunications. As an early investor in tech companies like Facebook (Meta), Spotify, and Zoom, he foresaw the transformative impact of AI, particularly in education. Li has been a significant benefactor, having donated over HK$30 billion since he started his foundation in 1980, with a focus on education and healthcare. The University of Hong Kong even renamed its medical school after Li Ka-shing in 2005 following a HK$1 billion donation.
Nandan Nilekani
Cofounder and chairman, Infosys
Nandan Nilekani, the 68-year-old cofounder and chairman of Infosys, exemplifies gratitude towards his alma mater. In June, he donated 3.2 billion rupees ($38 million) to IIT Bombay, marking his 50-year association with the institution where he studied electrical engineering. The contribution, spread over five years, serves as an anchor to attract further donations for the institute. Nilekani emphasized that the donation is a tribute to the place that shaped his career and a commitment to the future students who will play a role in shaping the world.
With an estimated net worth of $2.9 billion, Nilekani has consistently supported educational causes. Over the past year, he contributed an additional 1.6 billion rupees to various educational initiatives, including 996 million rupees to EkStep Foundation, a Bangalore-based education initiative he chairs, and 664 million rupees to AI4Bharat, a research lab at IIT Madras developing open-source resources for Indian languages. Nilekani and his wife, Rohini, signed the Giving Pledge in 2017.
James Packer
Founder, Packer Family Foundation
Australian billionaire James Packer, at 56, demonstrated a personal commitment to mental health research by donating A$7 million ($4.5 million) through the Packer Family Foundation to support mental health research at UNSW Sydney. The funds will establish a professorial chair and research team focusing on disorders such as bipolar disease. Packer, who has openly discussed his own struggles with mental health, expressed hope that this contribution would lead to positive outcomes in mental health research, benefiting individuals not only in Australia but around the world.
Having stepped down from the board of Crown Resorts in 2018 due to mental health issues, Packer has continued his philanthropic endeavors. In 2014, he and his sister, Gretel, pledged A$100 million from the family’s foundation and A$100 million from Crown’s philanthropic arm over ten years to support art organizations, indigenous education, and other community initiatives.
Graeme Hart
Owner and director, Rank Group
New Zealand’s wealthiest individual, Graeme Hart, and his wife, Robyn, displayed their commitment to philanthropy by donating NZ$6.5 million ($3.8 million) in June to expand Starship Children’s Hospital’s pediatric intensive care unit in Auckland. This contribution, one of the largest single private donations since the hospital’s inception 32 years ago, will facilitate the creation of state-of-the-art rooms and acquire cutting-edge equipment for seriously ill children. Additionally, the funds will support staff education and training. The Hart family has a longstanding connection with the hospital, with daughter Gretchen Hawkesby serving on Starship Foundation’s board for over 12 years.
This is not the first time the Harts have made a significant contribution. In 2018, they donated NZ$10 million to the University of Otago to support the establishment of a new NZ$28.2 million dental school in South Auckland. The initiative aimed to provide accessible and affordable dental care to the community and was recognized as the most substantial donation in the university’s nearly 150-year history. Graeme Hart, with an estimated net worth of $8.8 billion, is the owner of the packaging empire Rank Group.
Eddy Kusnadi Sariaatmadja
Cofounder and president commissioner, Elang Mahkota Teknologi (Emtek)
Media mogul Eddy Kusnadi Sariaatmadja, aged 70, has devoted over a decade to philanthropic efforts aimed at addressing visual impairment in Indonesia, a country with one of the highest rates of blindness globally. Through the Karya Alpha Omega Foundation, Sariaatmadja has been providing free surgery for cataracts, hernias, and cleft lip repair. In 2023, he pledged 62 billion rupiah ($4 million) to establish a factory producing artificial lenses for cataract patients. The facility aims to produce 5,000 pairs of lenses annually, all to be donated to patients treated through the foundation’s program.
The Karya Alpha Omega Foundation, established in 2010, has made a significant impact, offering free cataract surgeries for nearly 20,000 patients, hernia surgeries for over 1,000 patients, and around 400 cleft lip surgeries. Beyond surgical interventions, the foundation has provided free medical treatment for approximately 300,000 patients across Indonesia. Sariaatmadja’s commitment extends to addressing the broader challenges faced by communities, including distributing staple foods, child health counseling, and disaster response training. Additionally, he has donated more than 10 billion rupiah for various initiatives, including medical equipment for eye clinics.
Eddy Sariaatmadja, who co-founded Emtek in 1983 and currently controls four Indonesian TV channels, has also demonstrated his commitment to education. From 2018 to 2022, he donated a total of 10 billion rupiah to the endowment fund of Bandung Institute of Technology, resulting in the naming of the Eddy Sariaatmadja Building in his honor.
Nikhil Kamath
Cofounder and chief financial officer, Zerodha
Nikhil Kamath, India’s youngest billionaire at the age of 37, made headlines in June by joining the Giving Pledge, becoming the fourth Indian signatory. In his pledge letter, the co-founder and chief financial officer of online discount broker Zerodha expressed particular interest in addressing issues related to climate change, energy, education, and health. He emphasized the goal of creating a more equitable society, acknowledging that inequality is a byproduct of capitalism. While recognizing the role of capitalism, Kamath’s focus is on providing opportunities to address inequalities.
With an estimated net worth of $1.1 billion, Kamath is actively involved in philanthropy at home. His YouTube podcast series, “WTF is,” has been contributing up to 10 million rupees ($120,000) to charities chosen by the audience. Business leaders appearing on his show also contribute to the donations. Kamath plans to increase episode donations to as much as 40 million rupees, demonstrating his commitment to making a positive impact through philanthropy.
Adrian Cheng
Executive vice chairman and CEO, New World Development
Adrian Cheng, aged 44, the executive vice chairman and CEO of New World Development, established the WEMP Foundation in 2021. This nonprofit organization is dedicated to improving the mental health of underprivileged children and claims to be the first of its kind in Hong Kong. Cheng, the eldest son of New World Development chairman Henry Cheng, expressed his personal connection to the cause, emphasizing the often overlooked issue of mental abuse in children and its potential long-term impact.
The WEMP Foundation, standing for wellbeing, emotional intelligence, mental health, and parenting, supports initiatives such as seminars and workshops. These programs aim to help children express their emotions effectively and provide parents with positive parenting skills. Cheng’s vision is to disrupt the traditional model of 2023 HEROES OF PHILANTHROPYand directly impact communities. By addressing children’s mental well-being, he believes in laying the foundation for a harmonious society where individuals can learn better, work more effectively, form healthier relationships, and contribute meaningfully to their communities.
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