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Entrepreneur
20 hours ago
- Business
- Entrepreneur
Meet Asia's Three Most Generous Philanthropists
These are Asian entrepreneurs from India, Greater China and Central Asia, many of whom are not only business moguls but also philanthropists whose contributions are having a significant impact on society. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media. The rapid transformation of Asia's wealth map has become a subject of worldwide attention, evidenced by the growing number of regional tycoons claiming spots on the Forbes list of the world's billionaires. These are Asian entrepreneurs from India, Greater China and Central Asia, many of whom are not only business moguls but also philanthropists whose contributions are having a significant impact on society. Coming from a region with its own specific problems, ultrawealthy Asians engage in philanthropic activities that have two defining features. On the one hand, they make donations strategically and on a large scale, following the leadership example provided by Bill Gates, the co-founder of Microsoft. Gates has been addressing some of the world's most pressing challenges, problems that markets and governments have been unable to solve on their own. On the other hand, these Asian philanthropists concentrate on their own region, where they show greater flexibility and strategic focus than local governments in identifying areas that need financial and intellectual support. If we were to look at the world's most populous country, India, then the name Azim Premji would stand out among other philanthropists. Premji has endowed his namesake foundation, established nearly 25 years ago, with over $29 billion in Wipro shares, solidifying his commitment to social impact. The foundation operates through field offices and teacher learning centers, directly training educators and rural childcare workers. Its programs have already reached over 8 million children, improving access and quality in primary education. Beyond grassroots work, the foundation also influences systemic change by advising on national curriculum development and education policy. In 2023-2024 alone, it distributed $109 million in grants to 940 organizations working in education, health and other related sectors. While Premji is competing with other Indian philanthropists – among them Shiv Nadar (founder of HCL Technologies) and Mukesh Ambani (chairman and managing director of Reliance Industries) – to be seen as the country's most generous giver, the region of Central Asia offers a unique example of strategic philanthropy, represented by Alisher Usmanov. In 2021, The Sunday Times named Usmanov the most generous participant in the 20-year history of its Giving List. In total, Usmanov's charitable donations have been estimated at nearly $7.3 billion and have reached more than 60 countries around the world. His international philanthropic efforts have consistently focused on supporting the arts, education and healthcare. In an interview with Bloomberg, he defined his attitude to philanthropy as follows: "I always thought that one should do all that one can. It may happen that I won't leave any heritage at all, but I would prefer to do everything I can to make this world better myself and right now, rather than someone else doing it after me as I don't know whether he will do it better than me." In recent years, Usmanov has invested heavily in charitable projects in Uzbekistan, supporting rural development, education and Muslim cultural initiatives, with a focus on addressing local issues within his region. He provided assistance to tens of thousands of families in Uzbekistan and Kazakhstan who lost their homes in flooding caused by a dam bursting. He also made a significant contribution to the fight against the COVID pandemic, donating to support health workers, purchase vaccines, and build medical facilities for his fellow countrymen. Turning to another densely populated region of Asia, we arrive in Greater China – specifically, Hong Kong. Li Ka-shing is one of the most influential business figures in the city, where he has built a vast empire across industries such as shipping, retail, telecommunications and real estate. He ranks among the world's top 10 philanthropists with lifetime donations exceeding $3.8 billion, primarily directed toward education and healthcare initiatives. Although he retired as chairman of CK Hutchison Holdings and CK Asset Holdings in 2018, he continues to serve as a senior adviser, maintaining a guiding role in the companies he established. His philanthropic efforts, led by the Li Ka Shing Foundation, focus on education and medical research primarily in Hong Kong and mainland China. Philanthropists donate in various ways. Some prefer non-cash donations, like Azim Premji, who gave shares of his company to his charity foundation. However, this approach requires more complex management due to volatility and conversion issues. Others, like Alisher Usmanov and Li Ka-shing, opt for cash, which is simpler, more transparent, and provides immediate funding that nonprofits can use for urgent needs or ongoing programs. No matter which form their donations take, these three prominent philanthropists, along with many other Asian business leaders, are striving to prove that true leadership isn't just about wealth; it's about redefining what impactful leadership means, where a global-through-local approach fosters a more equitable world. With their systematic donations to education, culture and other critical social causes, these philanthropists are creating powerful synergies where private giving amplifies state-driven development efforts. This strategic focus helps to build communities where inclusive growth and cultural resilience can thrive, reshaping the future of Asia.
Bloomberg
a day ago
- Business
- Bloomberg
A Wealth Tax Won't Solve Britain's Fiscal Problems
The finding by British lawmakers that His Majesty's Revenue and Customs doesn't know how much tax the country's billionaires pay has done little to enhance the UK collection agency's prestige. A side effect of the report by Parliament's Public Accounts Committee may be to stoke support for a more radical method of ensuring that society's richest pay their fair share – namely, a wealth tax. Wealth taxes have a patchy record of success and have been abandoned by most countries that tried them. France is the most recent example, dropping its levy in favor of a real estate tax in 2018. Only four of the 38 countries in the OECD still impose one – Norway, Spain, Switzerland and Colombia. Yet the idea is gaining renewed global momentum, helped by the work of French economist Gabriel Zucman, whose blueprint for a 2% global minimum tax on billionaires was endorsed by the G-20 under Brazil's presidency last year.
Daily Mail
a day ago
- Entertainment
- Daily Mail
Our modern game owes so much to Gazza... it's sad to see him grow more fragile by the day, writes OLIVER HOLT
The generation of footballers that graces the Premier League today, the generation of Cole Palmer, and , the generation that lives in gated splendour and enjoys rock-star adulation, is a generation that stands on the shoulders of giants. In the context of the English game, no one did more to create the boom of the 1990s and lay the foundations for fabulous new stadiums and the rush of billionaires flocking to invest in, and profit from, our clubs than Paul Gascoigne.
Daily Mail
a day ago
- Business
- Daily Mail
EXCLUSIVE The mansions that could hit the market in Britain's billionaire exodus: From lavish country estates to luxury London townhouses, the UK properties owned by the super-rich as they flee Labour's tax raids
From a sprawling Georgian manor house with 220 acres of land to a £60million 'palace' dubbed ' London 's Taj Mahal' - these are some of the mansions owned by Britain's 'fleeing' billionaires. Several of the UK's richest residents have already left or announced plans to leave in the wake of Labour's tax raids, including the axing of the non-dom regime. Norwegian shipping magnate John Fredriksen recently put his £250million, 300-year-old Chelsea pile on sale after declaring that 'Britain has gone to hell'. But he is far from the only tycoon to be packing their bags, with research by New World Wealth suggesting the UK has lost 18 dollar billionaires over the last two years - more than any other country in the world. Brothers Ian and Richard Livingstone, who oversee a £9billion property empire in the UK and abroad, an online casino and plush Monte Carlo hotel, have quit Britain for Monaco. They are also the owners of Dropmore House, a grade I-listed manor in Buckinghamshire that was built in the 1790s for Lord William Grenville, who as Prime Minister pushed through the abolition of slavery. The stately pile, which was considered uninhabitable before a massive restoration in 2006-2008, includes 220 acres of beautiful grounds. The Livingstone brothers bought the house and the land in 2012, but there is no sign they are selling despite moving their tax residency. Another jewel in the crown of their £5.4million property portfolio is nearby Cliveden, the country house turned luxury hotel made famous by the 1960s Profumo scandal. Mr Mittal owns a superyacht called the Alaiya. It is more than 100 metres long Labour donor Laskhmi Mittal, who's been reported as telling friends that he would 'probably' leave the UK, owns a vast property portfolio that includes a Kensington mansion dubbed 'London's Taj Mahal'. Overlooking Kensington Palace, 8-19 Kensington Palace Gardens features 12 bedrooms and a swimming pool, and was considered the world's most expensive home shortly before Mr Mittal bought it for £60million in 2008. Featuring marble from the same quarry as that used for the Taj Mahal, the house used to be owned by the Rothschilds and F1 tycoon Bernie Ecclestone, who reportedly sold up because his ex wife, Slavica, decided she didn't like it. But Mr Mittal clearly did, with the Indian-born billionaire going on to buy two more houses on the street, including number 9A for £117 and a second for £70million. He gave these to his son and daughter respectively. If he ever did ever sell up, it would be one of the biggest property deals seen in London. Another billionaire developer, Malawi-born Asif Aziz - owner of the former London Trocadero on Piccadilly Circus - moved his tax residency to Abu Dhabi at the end of last year. His vast property empire spans much of London's West End and includes Haymarket House in Soho and the Criterion Building, which houses the Criterion Theatre. Rachel Reeves ' October budget has been blamed for driving the exodus by abolishing the non-dom tax regime and imposing inheritance tax on the worldwide assets of foreigners who have lived in Britain for more than 10 years. And one leading tax advisor has warned that the flood of billionaires out of Britain could increase even further if Labour decides to impose a wealth tax - a move Sir Keir Starmer has notably refused to rule out. David Lesperance, the founder of tax and immigration advisory Lesperance and Partners, said 50 per cent of his 'ultra-high net worth' clients had already departed the UK since Labour came to power and predicted half that number again would flee the imposition of a wealth tax. 'A large group moved because of the inheritance tax changes, but some decided they would be able to mitigate the hit because they were young, could get insurance to cover it, or could take advantage of some of the tax solutions available,' he told MailOnline. 'But if you bring in a wealth tax, that mitigation is neutralised, so it's another force that will drive those who haven't already left to leave. 'The general public might not mind the idea of wealthy people leaving, but the reality is that in a progressive tax system you are extremely dependent on a tiny number of taxpayers, so if they leave it will have a huge impact on tax revenue. 'And at the same time these golden geese feel they're being driven out of the UK, other countries are promising to offer them a better tax deal. 'If a wealth tax comes in, ultra-high net worth people will say ''London is nice, but not that nice'' and head to all the countries who are actively welcoming them.' Mr Lesperance pointed out that wealth taxes - which are levied on the total value of an individuals' assets - are 'very difficult to administer', with many nations who have brought in the levies subsequently repealing them. Given this, he believes Ms Reeves is more likely to introduce an exit tax - which takes the form of a one-off fee on people moving their tax residency to another country. 'When you have a wealth tax, people will give the lowest figure possible for the value of their assets, and if HMRC wants to challenge it, that will take time and money,' he said. 'I don't see a wealth tax because it won't be good for the goal of maximising revenue. 'I would say it's more likely the Autumn Statement could include an exit tax. But if that happens, advisors will be telling their clients to leave before it comes in.' Several billionaires have been open about their reasons for leaving, with Aston Villa's Egyptian co-owner Nassef Sawiris blaming Labour's inheritance tax clampdown and a 'decade of incompetence' under the Tories. Britain's ninth richest billionaire, John Fredriksen, declared last month that Britain had 'gone to hell' as he explained his reasons for moving his shipping firm from London to the United Arab Emirates. The Norwegian had previously run his private firm, Seatankers Management, from an office in Sloane Square. But he told newspaper E24 that the UK had become a worse place to do business. 'It's starting to remind me more and more of Norway,' he said. 'Britain has gone to hell, like Norway. 'People should get up and work even more, and go to the office instead of having a home office.' Mr Fredriksen, 81, is currently in the process of selling his London home, the Old Rectory in Chelsea, reports The Times. Nestled on Chelsea's oldest street in west London, the property boasts 30,000-square-feet of space, including 10 bedrooms and a ballroom, alongside a two-acre garden. Experts believe that a listing of the prestigious home is unlikely to appear on popular property listing sites but instead will be sold in an 'off-market' private deal delivered by specialist agents. A spokesman for Fredriksen declined to comment on whether the Old Rectory was on sale or claims that domestic staff had already been let go. In May, The Sunday Times Rich List estimated that the UK had 156 billionaires, down from 165 the year before and the largest annual drop since the list began in 1989. Putting an exact figure on the number of billionaires leaving the country is complicated by the difficulty of calculating an individuals' wealth and working out their tax residency if they do not make this information public. It comes as new figures showed the number of non-dom taxpayers in the UK dipped last year prior to the Government clamping down on the tax status, official figures show. There were about 73,700 people claiming non-domiciled tax status in the year ending in April last year, according to estimates from HM Revenue & Customs (HMRC). This was 400 fewer than the 2022-23 tax year, or a dip of about 0.5 per cent. The number of non-doms, according to self-assessment tax returns, stood 3,900 below that in the tax year ending 2020. It indicates a slowdown in the number of people claiming the tax status following a post-pandemic resurgence. Non-domiciled means UK residents whose permanent home, or their 'domicile' for tax purposes, is outside the UK. The regime meant that so-called non-doms paid tax in the UK only on income generated in the UK - meaning any income earned overseas was exempt from British taxation. However, the Labour Government abolished the non-dom tax status in April following backlash that wealthy residents could enjoy the benefits of living in the UK without paying as much tax. Previous chancellor Jeremy Hunt estimated that scrapping the regime would raise about £2.7billion for the Treasury by 2028-29. HMRC's data published on Thursday showed that some £9billion was raised from non-doms paying income tax, capital gains tax and national insurance last year. This was a £107million increase on the prior year, despite the dip in the number of individuals. Even so, campaigners insist HRMC will suffer in the long-term if some of Britain's biggest taxpayers are driven out. Leslie MacLeod-Miller runs Foreign Investors for Britain (FIFB), a lobby group set up after the July general election. He told MailOnline: 'Wealth is already shifting to countries like Italy, Dubai, and Switzerland. 'The government needs to show bold leadership and implement a bold policy change before Britain's 'golden geese' take their 'golden eggs' abroad to other countries that are actively courting them. 'The Office for Budget Responsibility warned this July that continued reliance on this small population of top taxpayers represents a growing fiscal risk. 'The government needs to act now, talk of a wealth tax will only increase the exodus of this high income – and high investing, employing and growth-creating group. Fiscal sense rather than ideology needs to prevail.'
Daily Mail
a day ago
- Daily Mail
EXCLUSIVE The moment Jeffrey Epstein's twisted love affair with Ghislaine Maxwell is captured for the first time, as the starry-eyed couple are seen at Trump's Plaza Hotel gala
It was the twisted, toxic relationship at the heart of the Jeffrey Epstein scandal. Ghislaine Maxwell 's affair with the pedophile wasn't just love - it was also wealth, power and security. And for Epstein, it meant access to her elite network of royalty, billionaires and influential figures.
