Acknowledgments At the Centre for Asian Philanthropy and Society (CAPS), we are committed tounderstanding and addressing dynamic social needs and philanthropic trendsacross Asia. Our mission is to maximize the quality and quantity of private socialinvestments in the region. Family philanthropy remains a key channel for giving We would like to express our profound gratitude to all the families and individualswho contributed their time and insights to this study. Without their candor and From the Chaudhary familyNirvana ChaudharyRahul ChaudharySurabhi Chaudhary From the Harilela familyAron HarilelaDavid HarilelaShalini Mahtani Introduction New Family Wealth,New Ways of Giving? Asia is a powerhouse of wealth creation1 —an estimated 160,000 ultra-high-net-worth (UHNW) individualsilive in the region, and this number is expected togrow to a quarter of a million by 2028.2The rapid proliferation of family offices inregional hubs has led to an accumulation of private wealth. In 2024, Singaporewas home to 2,000 single family offices, up 43% from the previous year,3whileHong Kongiihosts more than 2,700, with continued growth projected.4 landscape. Family-owned companies dominate in Asia,resulting in a closely intertwined relationship between Data also shows that UHNW individuals and familiesare eager to direct their resources toward having apositive impact. In our survey of 135 UHNW individuals in the Greater China region, 97% reported engaging in at least one form of private social investment,iiiincludingenvironmental, social, and governance (ESG), venture Whether through corporate social responsibility (CSR)initiatives, family offices, private foundations or corporatefoundations, families in the region have multiplepathways to practice philanthropy. But what drives the Family-driven philanthropy is not new. The culture ofmaintaining close ties with the extended family runs This report presents case studies of five prominentAsian families, drawing on in-depth interviews and desk deep in the region,7as reflected in a history of giving tosupport kin networks and address local community needs. All five families share a strong and purposeful commitment to achieving societal impact, each with The Chaudhary Family Leveraging the family business to reinvest in the community. The Chaudhary family leads the Chaudhary Group (CG), Nepal’s largest and most diversifiedconglomerate, with businesses in the hospitality, education, real estate, food and beverage, financialservices and hydropower sectors. While the family has played a key role in shaping Nepal’s businesslandscape, it is equally recognized for its philanthropy. Through the Chaudhary Foundation—and by The Harilela Family Inspiring the next generation to give back in its own way. Originally from India, the Harilela family is known for its Hong Kong–based hospitality and real estatebusinesses. Beyond their business success, the Harilelas have long engaged in philanthropy through The Li Family Institutionalizing family values for future generations. Li Dongsheng, founder of TCL—a leading global technology brand—and his wife, Wei Xue, are committedto advancing social development in China through two main channels. Their family foundation, theHuameng Charity Foundation, focuses on artistic and cultural development in China, while TCL’s The Lo Family Fostering unity across generations and geographies. Originally from China, Dr. Lo Kwee Seong founded Vitasoy, a leading international beverage companyin Hong Kong. In 1991, he established the Lo Kwee Seong Foundation to support communitydevelopment in Hong Kong through education, culture and science. Successive generations of the The Tanoto Family Evolving family philanthropy for strategic impact. Led by Sukanto Tanoto, the Tanoto family of Indonesia is known for founding Royal Golden Eagle (RGE),a global group of companies in the bio-based resources and energy sectors. In addition to their businessventures, the family is deeply committed to philanthropy through the Tanoto Foundation. Established in Key Observations Diversity, Change and The stories of the five philanthropic families alone cannot represent broaderregional trends. However, a deep dive into what sustains their giving as a family The Li family pursues broader philanthropic goals—addressing unmet social needs in China while sustainingtheir commitment to education and the arts—throughtwo tracks: TCL’s corporate foundation focuses on social Family philanthropy comes in many forms The families’ stories illustrate the diversity of approachesto giving, particularly in terms of the vehicles they use.Each has chosen a different mechanism for allocating The Chaudhary family channels its philanthropy—primarilyin its home country of Nepal—through a corporatefoundation within the family business. The Foundation Meanwhile, individual members of the Hong Kong–basedHarilela family operate a range of charitable initiatives,all driven by a des