http://www.thejakartaglobe.com/business/asias-millionaire-heirs-taught-to-put-charity-first/450742
Asia's Millionaire Heirs Taught to Put Charity First Sanat Vallikappen | July 04, 2011 Singapore. UBS, Switzerland's largest bank, hired primatologist Jane Goodall's services last week to give lessons in conservation and philanthropy to children of its clients in Singapore. Goodall, 77, who has studied chimpanzees since 1960 in Tanzania, gave a talk on getting involved with animal welfare, human rights and other causes to 18- to 25-year-olds on June 30 as part of UBS's program for heirs of millionaire clients. UBS and rivals, including Credit Suisse Group, are wooing second-generation millionaires in Asia, where the wealthy outnumbered those in Europe for the first time last year. Philanthropy has been in the limelight this year, with billionaires Warren Buffett and Bill Gates touring Asia asking the rich to give away more money. "Banks are expecting greater and greater generational wealth transfer, in particular in Asia," said Justin Ong, Asia- Pacific private banking leader for PricewaterhouseCoopers. "The targeting of these individuals is seen as an important part of the strategy." The wealth of high-net worth people in the Asia-Pacific region climbed 12.1 percent last year to $10.8 trillion, bolstered by economic growth in China and India, according to the 2011 World Wealth Report by Capgemini and Bank of America. Singapore may displace Switzerland as the world's top wealth-management center by 2013, PwC said last month. Goodall's session was part of an effort to introduce philanthropy to a group of young adults with the potential to influence society through their prominent positions and wealth, said Daniel Harel, a UBS official. "We are not inheriting Mother Earth from our parents, but rather, we are stealing from our children. And it's payback time," Goodall told 40 participants, according to Rachel Lin, a spokeswoman for UBS. Programs for children of wealthy clients, which typically include sessions on wealth management, financial planning, leadership and personal development, are also conducted by Credit Suisse, Citigroup and Standard Chartered. Gates and Buffett started the Giving Pledge last year for billionaires - including Facebook founder Mark Zuckerberg - who agreed to commit half their fortunes to charity. "The Asian philanthropic equivalent to the likes of Bill Gates, for example, is seldom heard of, but it does not mean they do not exist," said Tee Fong Seng, a Credit Suisse officer. Bloomberg [Non-text portions of this message have been removed] ------------------------------------ Post message: [email protected] Subscribe : [email protected] Unsubscribe : [email protected] List owner : [email protected] Homepage : http://proletar.8m.com/Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/proletar/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/proletar/join (Yahoo! ID required) <*> To change settings via email: [email protected] [email protected] <*> To unsubscribe from this group, send an email to: [email protected] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
