Philanthropy growing among Asia’s rich

Private banks in the region gear up to service the increased interest in philanthropy from their wealthy clients.
Warren Buffett and Bill Gates promoting philanthropy in China last September AFP
The World Bank estimates that around 900 million people will be living in extreme poverty, defined as average daily consumption of $1.25 or less, by 2015. An additional 1.1 billion people will live on less than $2 per day. Further, the gap between the rich and the poor is widening across the world.

“In the US it was as far back as the early 1900s when the gap between rich and poor was so wide,” said Hank Paulson at a talk in Hong Kong on Monday. This gap...

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