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SINGAPORE - 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 causesSpotlight on billionaires and tycoons who chose Singapore to set up their foundations for charity work
SINGAPORE - 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. 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 Straits Times that about five new charities each year have been registered under the Grantmaker Scheme in the past three years. Read more