A presence of more Bentleys and Porsches on the roads is just one sign of the number of wealthy individuals, and their private investment companies, that have come to Singapore from around the world.

Schools, charities and social enterprises are also flourishing, fueled by generous donations from these affluent newcomers.

Their presence can be seen on many fronts. The Low Tuck Kwong Foundation, named after the billionaire founder of Indonesia’s Bayan Resources, topped the list of Singapore-based donors in 2023 — the latest year for which comparative data is available — when it gave 127.6 million Singapore dollars (around $94 million) to educational and healthcare causes, according to the social impact consultancy Soristic.

The bulk of the funds went to the Lee Kuan Yew School of Public Policy, a postgraduate institution that is part of the National University of Singapore.

Source: CNBC