Singapore’s aim to be a leading philanthropy hub has been given a boost with the establishment of a new programme aimed at training over a thousand high net wealth philanthropists, social innovators and professionals working in the sector. 

On 16 September, the Asia Centre for Changemakers announced the launch of the Changemaker Impact Endeavour Fellowship (or, known as CHIEF) programme. The philanthropy-focused initiatives hopes to train a new generation of Singapore-based philanthropists by 2028. 

The Asia Centre for Changemakers was established earlier this year, to the tune of 15 million Singaporean-Dollars, by the Wealth Management Institute, a centre for wealth and asset management founded by the Temasek Trust and Philanthropy Asia Alliance.  

The programme announcement took place at the Global-Asia Family Office (GFO) Summit held on 16 September.  

A new rivalry is unfolding between Singapore and Hong Kong within the Asia region, as both look to attract high net wealth individuals and open family offices.  

According to a report published by consultancy firm McKinsey in September, the number of single-family offices in Hong Kong and Singapore has quadrupled since 2020 to about 4,000 across both jurisdictions.  

Its report also finds that the Asia Pacific region could see a $ 5.8 trillion transfer of wealth by 2030, as part of the ‘Great Wealth Transfer’, a major intergenerational shift that will see a new generation of younger ultra-high net wealth Asian philanthropists.  

The imminent shift has meant that Asian rivalries have quickly developed to attract outside skills and knowledge into the two hubs.  

The CHIEF programme is developed in collaboration with the London School of Economics (LSE) Marshall Institute, known for its 100x Impact Accelerator that offers grants and support to a new generation of social unicorns. 

The next generation of philanthropists taking part in the programme will visit the UK, looking at best practices that they can take back to tackle regional and local challenges.  

Shafi Musaddique is the news editor at Alliance magazine.