Address by President Tony Tan Keng Yam at the Credit Suisse Philanthropists Forum 2013

Distinguished Guests

Ladies and Gentlemen

        Good morning. First of all, welcome to the Credit Suisse Philanthropist Forum 2013, and a warm welcome to Singapore especially our overseas participants. The Credit Suisse Philanthropist Forum is being held in Singapore for the third consecutive year. This Forum has brought together thought leaders and practitioners of philanthropy from the region and across the globe to discuss trends and issues of concern in the business of giving. The success of this Forum is testament to the growth of philanthropy in Asia.

        The World Wealth Report by Capgemini and RBC Wealth Management estimated that the investable wealth of the world’s High Net Worth Individuals (HNWIs) grew by 10% to over US$46.2 trillion in 2012, and Asia Pacific is home to the majority of the fast-growing HNWIs.  With the steady growth of wealth in the region, it is heartening that those who have done well are giving back to society. In Singapore, donations by individuals reached a total of S$1.1 billion last year.

        People who take the initiative to involve themselves on issues or causes which they care about are catalysts of change. They impact communities locally, nationally and around the world.  As President, I meet many passionate Singaporeans who aspire to make a difference and to make Singapore a more compassionate and caring society. In my interactions with many people from around the world, I also encounter many of them who bear the same spirit of giving back to society.  Indeed there is a growing role for philanthropists around the world.

        The theme for today’s forum – “Strategies for Effective Philanthropy” – is a strong signal of the commitment of philanthropists and donors to not only do good, but also to do it well.  Philanthropists want to make the greatest impact for each dollar given. Giving need not be constrained by national boundaries. In fact, in the less advanced economies where the needs are the greatest, each dollar can make the greatest difference and have the most evident impact.

        Philanthropists around the world are looking for ways to ensure their donations are channelled to the intended recipients for maximum impact. Not every donor has the means to assess and evaluate where their donations can make the greatest difference. Therefore, I am glad to note the development of advisory and intermediary services to help donors. As a leading international financial centre, Singapore provides a full suite of wealth management services and holistic solutions for HNWIs, including philanthropists. Financial institutions can play a role in providing strategic advice to ensure effective giving and encourage sustainable philanthropy.

        Corporations can also adopt social responsibility in their business models. In recent years, many companies have adopted sustainable development principles in the way they operate their businesses. Companies are now reinventing philanthropic giving in a way that aligns giving with their business interests.  I am encouraged by this development which will allow companies to leverage on their core expertise to support economic and social development in communities.

        Effective philanthropy is about giving not only with the heart but with the mind. There is no universal formula to make philanthropy effective; effective philanthropy requires partners and stakeholders, such as yourselves, to initiate and multiply the effects and impact of your giving. Everyone present here today can play a part in expanding the concept of philanthropy and grooming future generations of givers.

        Let me end by thanking Credit Suisse for the contributions towards the development of philanthropy in Singapore. I wish all of you an enjoyable and fruitful meeting.