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Asian philanthropists can potentially give twice as much as US

Charitable donations can top $500 billion with proper tax incentives, regulatory reforms

TOKYO -- Thanks to rapid economic growth, personal wealth in Asia is at an all-time high, with more billionaires in the region now than anywhere else in the world. But have charitable donations grown proportionally to the region's wealth? The answer is not as fast, but the potential is huge.

According to a report released Tuesday by the Centre for Asian Philanthropy and Society, or CAPS, the region can potentially give more than $500 billion to charity per year, if the environment is improved. Such an advancement would mark a new dawn for Asia, with philanthropy becoming a new norm for the rich.

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