Philanthropy could be a huge resource for development organizations in Asia, but a host of factors are keeping Asia’s billionaires and philanthropists from giving more, according to a new report.

Asia plays host to the largest number of billionaires in the world, with about 637 as of 2017, surpassing the number of billionaires in the United States (563) and Europe (342) for the first time, and the concentration of wealth in Asia is projected to grow over coming years.

That sounds like good news for nonprofits, social enterprises, and others, particularly those operating at the local level and with limited resources.

However, the “Doing Good Index 2018”  — a report published Tuesday by Hong Kong-based research and advisory organization, the Centre for Asian Philanthropy and Society — finds that Asian philanthropists have reservations in sharing their wealth with organizations in the region, in large part due to a lack of trust.

“When we interviewed a lot of high net worth [individuals] prior to doing this study, we asked them, 'What’s stopping you from giving more in the region?’ Many of them, most of them, said, ‘I don’t trust enough of the local organizations,'" Ruth Shapiro, founder and chief executive of CAPS, told Devex.

The trust deficit is triggered by a number of factors, including a lack of clarity and transparency over organizations’ missions and activities, and scandals involving or linking to charities in some way.

Read the full article about trust issues for orgs in Asia hampering philanthropy by Jenny Lei Ravelo at Devex International Development.