The Bridgespan Group, a global non-profit advisory organization, has opened its Southeast Asia office in Singapore, to help drive philanthropic activities out of this region.
The organisation was incubated by Bain & Co two decades ago, and has grown to a worldwide team of 400 specialists with varied backgrounds and experiences.
Bridgespan collaborates with nonprofits, non-government organizations (NGOs), donors and investors to advance learning and accelerate the impact of their work and philanthropy.
This Singapore office is Bridgespan’s first physical location in southeast Asia and second in Asia after Mumbai.
According to Bridgespan, the Southeast Asia office will enable Bridgespan to apply its deep experience to serve impact investors, family offices, foundations and nonprofits within the region.
William Foster, Bridgespan’s managing partner, describes Southeast Asia as one of the most diverse and populous regions in Asia, and is seen to be the fourth largest economy in the world by 2030.
See also: Indonesian tycoon eyes theme park, F1 in US$16 bil project
Along with this economic growth, there is a corresponding growth of high-net-worth individuals and family offices in this region keen to make a “meaningful change”.
“We hope that with our capabilities, Bridgespan Southeast Asia can become the bridge for such donors with the right mission-driven organizations,” says Foster.
“Singapore’s plans to become a hub for philanthropy in the region, growth in family offices and regional NGO headquarters, and central location make it the ideal setting for us,” says Chris Addy, partner and Southeast Asia office head, Bridgespan Southeast Asia.
See also: Singapore is one of the most popular business locations for world’s wealthiest entrepreneurs: HSBC
Asia’s ultra-high-net-worth population – defined as those having at least US$30 million of investable assets – grew by 7% to 170,000 individuals, and it is projected that Asia’s ultra-high-net-worth population will grow faster than the global average in the next five years. By 2025, two in five billionaires worldwide will be from Asia.
“While wealth accumulation has grown significantly, philanthropy has not grown in proportion to it. As much as US$700 billion per year could be unlocked if Asia were to match the United States in philanthropic spending, by donating the equivalent of 2% of its GDP,” says Edwin Tong, Singapore’s Minister for Culture, Community and Youth and Second Minister for Law.
He calls the launch of this office representative of the growth of the “giving sector” here in Singapore.
“More importantly it also represents how much more it can continue to grow in the years ahead, not just in Singapore, but also in the region,” says Tong, speaking at the opening of the office on Nov 3.
He notes that over the last two years, the world’s wealth levels have increased significantly, as pandemic-related restrictions and changes in lifestyle have resulted in greater wealth accumulation.
Tong notes that one area of potential philanthropic growth is families and family offices.
In Singapore, and elsewhere in the region, more family businesses are looking to create impact, and leave a lasting legacy through their work,” he says.
