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January 09, 2013

Asian-American Philanthropy Booms as Population Grows

Affluent members of the fast-growing Asian-American population are increasingly embracing large-scale philanthropy, writes The New York Times.

Asian-Americans who have built fortunes in finance and technology are joining boards and making multimillion-dollar gifts to universities, museums, and other institutions. Groups such as the Korean American Community Foundation and the American India Foundation hold regular fundraising galas, often targeting needs in their homelands or U.S. diaspora communities.

The trend, which is occurring largely among first-generation Asian-Americans or those who emigrated as children, represents a shift from traditional Asian philanthropy that focuses on relatives, neighbors, and religious institutions. "They see their mainstream American peers giving and they say, 'I'm going to do that,' " said Pradeep Kashyap, vice president of the American India Foundation.