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Singapore real estate tycoon Kwek Leng Beng in Forbes Asia 2023 Heroes of Philanthropy list
The Forbes list of 15 leading philanthropists – including Singapore's Kwek Leng Beng – in the Asia-Pacific region is unranked.
SINGAPORE — Property magnate Kwek Leng Beng is the sole Singaporean in the latest edition of Forbes Asia's annual Heroes of Philanthropy list.
Announced on Thursday (30 November), the list of 15 leading philanthropists in the Asia-Pacific region is unranked. It considers those who are providing capital from their own money—not their company's unless it is privately held and they are the majority shareholders—and giving personal time and attention to their select causes.
Kwek, No. 5 in the 2023 Forbes' Singapore's 50 Richest list with a US$11 billion (S$14.6 billion) net worth, is the executive chairman of Hong Leong Group – founded by his father in 1941 – and also executive chairman of City Developments, one of the largest real estate companies in the city state.
The 82-year-old hotel and property tycoon made it to the Heroes of Philanthropy list after he and City Developments announced a joint S$24 million (US$17.8 million) endowment to the Singapore Institute of Technology (SIT) in November at the launch of his biography, Strictly Business: The Kwek Leng Beng Story.
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With a matching grant from the government, the total donation amounted to S$60 million and will help fund the construction of the university's administrative building at its future campus.
"With this donation, I hope to uplift further and empower a new generation of professionals paving the way for a bright future and successful careers," Kwek was quoted as saying during the book launch event.
Advancing higher education and research
Just like Kwek, several altruists on the list also chose to direct their donations to advance higher education and research, especially in AI. Midea Group founder He Xiangjian pledged to donate three billion yuan (US$410 million) to set up a fund supporting scientific research – including in AI and climate change – in China, while veteran philanthropist Li Ka-shing donated HK$60 million (US$7.7 million) to support using AI in medical training and research at two universities in Hong Kong.
Meanwhile, Indonesian billionaire Low Tuck Kwong gave S$101 million (US$73 million) to the Lee Kuan Yew School of Public Policy through his eponymous foundation. It will be used to fund leadership programmes for policymaking and public service.
Others on the list are some billionaires who continue to endow their philanthropic foundations with significant amounts to carry on their missions. Japan's Takemitsu Takizaki gave 7.45 million Keyence shares worth nearly ¥390 billion (US$2.6 billion) to his foundation, while Australia's Andrew Forrest and his wife, Nicola, gave an estimated A$5 billion (US$3.3 billion) worth of Fortescue Metals Group shares to their philanthropic arm Minderoo Foundation.
Mental health was another focus. In Hong Kong, New World Development's Adrian Cheng set up a foundation that aims to support children's mental well-being, while Australian billionaire James Packer, who has personally struggled with mental health issues, donated to research in this area at the University of New South Wales.
Newcomers to the list include India's youngest billionaire Nikhil Kamath, who became the country's latest signatory of the Giving Pledge.
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