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The evolving role of philanthropy in global financial hubs

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About the project

The Marshall Institute and the Institute of Philanthropy (IoP) have formed a strategic research partnership, undertaking comparative research across five major global financial hubs to understand how philanthropy supports economic growth and social impact. The study will investigate the relationship between philanthropic capital, financial institutions and government policy across five financial centres: Abu Dhabi, London, Hong Kong, New York, and Singapore.

With particular focus on emerging Asian philanthropy, the research addresses how financial infrastructure, regulation, and incentives intersect with philanthropic action. The study examines how these hubs - where concentrated wealth meets growing demand for inclusive impact - can serve as engines for social investment, innovation, and cross-sector collaboration.

Key themes:

  • Innovative policy tools, infrastructure and systems for philanthropy;
  • Creative and collaborative partnerships between philanthropic actors, the finance sector and government;
  • High-net-worth philanthropy and institutional relationships.

What we're exploring

The study investigates four overarching questions:

  1. Mapping the landscape - What are the emerging behaviours, structures and relationships characteristic of philanthropic action in and around a global financial hub? Who are the actors?
  2. Understanding drivers - What is driving these developments?
  3. Economic impact - To what extent and how does the development of philanthropic activities support the growth of a financial hub?
  4. Social and environmental impact - How can philanthropic capital in financial hubs be used to create positive social and environmental impact?

Five global financial hubs

Our comparative approach enables exploration of diverse practices and identification of cross-national similarities in practice and opportunities for productive policy and practice transfer across contexts.

The five empirical locations are:

  • Abu Dhabi
  • London
  • Hong Kong
  • New York
  • Singapore.

Our approach

The phenomenon of philanthropic action in and around financial hubs can only be fully understood by using the lenses of multiple academic disciplines. This multi-disciplinary study draws on public policy and finance in particular, but these disciplines will supplemented by economics, law, and nonprofit studies.

Research methods include:

  • Comprehensive exploration of existing primary data on local philanthropic ecosystems;
  • Analysis of policy documentation, and of philanthropic funding strategies;
  • Semi-structured interviews with key stakeholders;
  • In-person research workshops with local stakeholders;
  • Case studies of exemplary policy and practice.

Project outputs

The study will last 18 months. There will be a range of outputs, including conference presentations, workshops, reports and journal articles. Please check this page for further updates.

Why this matters

Global financial hubs are emerging as crucial spaces for philanthropic action through philanthropic foundations and family offices, private financial institutions, and government actors (from policy-makers to regulators). These hubs facilitate innovation in financial products for social impact, blended finance mechanisms, and wholesale banks funding impact-first ventures. Despite growing interest, there remains a relative paucity of detailed empirical work examining how philanthropic action develops around financial hubs and how it can be most effectively deployed for social impact.

The study includes a particular focus on Asian philanthropy, specifically in Hong Kong and Singapore. Asian philanthropy operates in a context of rapid growth (Asia is home to 896 billionaires, outnumbering all other regions), significant social and environmental challenges (roughly 200M people living on less than $2 per day), demographic change and significant regional diversity. It differs from North American and European institutional practice in its relations to government and policy, corporate ownership and family structures.

Research team

Professors Stephan Chambers and Jonathan Roberts will direct the study.

Partners

This research is commissioned by the Institute of Philanthropy as a foundation for establishing a major global presence in the study and practice of philanthropy.