World's ultra-rich among those setting up foundations here for charity work

Thriving wealth management sector, generous tax breaks part of the attraction

- Theresa Tan

Some of the richest people in the world, such as American hedge fund billionaire Ray Dalio, Indonesian coal king Low Tuck Kwong and Brazil-born Facebook co-founder Eduardo Saverin, have set up foundations in Singapore to give to charitable causes in the past three years.

This comes as the Republic positions itself as a financial and philanthropic hub for Asia, driven by a flourishing wealth management sector and attractive tax incentives.

On May 5, it was announced that the Gates Foundation, one of the world's largest philanthropic foundations, will set up an office in Singapore.

Founded in 2000 by Microsoft co-founder Bill Gates and his former wife Melinda, the foundation aims to fight poverty, disease and inequity around the world.

Mr Gates, an American who turns 70 in October, is ranked 13th on Forbes' World's Billionaires List 2025, with an estimated wealth of US$108 billion (S$139 billion).

The Commissioner of Charities (COC) told The Sunday Times that about five new charities each year have been registered under the Grantmaker Scheme in the past three years.

Typically funded by an individual, family or institution, philanthropic foundations are registered as charities under the Grantmaker Scheme, under which certain regulatory requirements are relaxed or waived to encourage philanthropy.

According to checks by ST, some foundations that have registered as charities here in the past three years include:

DALIO FOUNDATION
• It was registered as a charity in June 2023, and its directors include Mr Matthew Ace Dalio and Mr Mark Marino Dalio. They are the sons of Mr Ray Dalio, the 75-year-old founder of the world's largest hedge fund, Bridgewater Associates. Mr Ray Dalio has an estimated net worth of US$14 billion, according to Forbes.