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Gates, Dalio join forces with Temasek in philanthropic push

Gates, Dalio join forces with Temasek in philanthropic push
The early core members of the Philanthropy Asia Alliance committed US$25 million each, while Temasek Trust pledged US$100 million to underwrite the infrastructure to help operate the newly formed group. (PHOTO: REUTERS/Edgar Su)

By Nurin Sofia and Chanyaporn Chanjaroen

(Bloomberg) — Foundations led by some of the world’s richest families are partnering with Temasek Trust to form a philanthropic group with more than US$200 million in initial funding.

Founding core members include the philanthropic arms of Bill Gates and his ex-wife Melinda, Ray Dalio, Li Ka-Shing, as well as four companies of Indonesia’s Widjaja family and the Tanoto Foundation, Temasek Trust Chairman Ho Ching said Friday at the Philanthropy Asia Summit 2022 in Singapore.

The city-state has been pushing the wealthy to donate more in an effort to tackle rising inequality. It’s reviewing its tax incentive plans to encourage family offices to do more philanthropic giving, and Deputy Prime Minister Lawrence Wong signalled last month the rich may face tax increases.

“If you are a family office interested to give back to the local community in Asia, there is no better place to do it than here in Singapore,” Wong said at the Global Asia Family Office Summit on Thursday.

The early core members of the Philanthropy Asia Alliance committed US$25 million each, while Temasek Trust pledged US$100 million to underwrite the infrastructure to help operate the newly formed group, Ho said.

Each member will target different areas, she said. Dalio Philanthropies will work on safeguarding oceans and the Tanoto Foundation will focus on education, Ho said.

© 2022 Bloomberg L.P.