Meet William Louey: a businessman who is celebrating 30 years of pay-it-forward philanthropy
When William Louey started funding educational scholarships the only condition was that his scholars one day pay it forward. Today his earliest scholars are doing exactly that
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William Louey’s philosophy of giving is unique. A fourth-generation heir of the family that founded the Kowloon Motor Bus Company in Hong Kong in 1921, when William Louey became financially independent at the age of 18, he wanted to use his wealth for a greater good.
“Many of my peers who inherited money when they were young, spent it on private jets or other lavish purchases. But my grandmother inspired me to do things differently. From the age of seven, she took me to visit the elderly in special care homes and disabled children in specialist schools.” William Louey says.
It was only at his grandmother’s funeral that William Louey learned about the true extent of his grandmothers’ philanthropy: that she herself had built many of the care homes and specialist schools that she had taken William to visit. She had directly helped not hundreds of people, but many thousands of people.
As someone who was curious about the transformative power of education, William Louey wondered what would happen if talented but disadvantaged students were given the same level of education and networks that he had benefitted from whilst growing up.
“I don’t think it is good enough to just give money and then let someone else do the hard work. I have always wanted to be an active supporter” William Louey says. But instead of helping thousands of people like his grandmother, he instead began by supporting a handful of the brightest students to access a world-class education, so that they could then in turn help more people.
It was three decades ago, in 1995, that William Louey set up the William S.D. Louey Educational Foundation, which is named after his late grandfather. He consulted a friend who was a Young Presidents’ Organisation representative in China; and together they identified hundreds of the top students from Beijing’s schools. William Louey selected six students to be his first batch of scholars who were to be given a world-class education in the UK.
One scholar from the first batch, Qi Yan, now a finance professional at Guggenheim Partners in the US says: “I consider William as a visionary. His approach to philanthropy is very refreshing because he really does support us all and takes a long-term approach.”
Many of the scholars went on to pursue their A-Level studies at Millfield School, one of the top UK boarding schools, which William Louey himself had attended. Most then went on to pursue their higher education at Oxford and Cambridge Universities. Almost exactly 30 years on, and William Louey has now sponsored more than 60 students through higher education in the UK.
During a scholar reunion, William Louey gave students a copy of the 2000 Hollywood film, Pay It Forward. It is a story about a student who begins a movement based on the ripple effect of kindness. “I told them from the very first day that they would never have to pay me back, but that they do need to pay it forward. That was and continues to be the only condition.” Louey says.
Inspired by the movie and by Louey’s words of encouragement, many of the scholars eventually gathered to set up a giving circle based on the ‘Pay It Forward’ philosophy. In 2018 they named this project the Pay It Forward scholarship, which operates under the China Oxford Scholarship Fund and aims to sponsor Chinese students to study at top UK universities.
“It was always William’s dream that one day, we’d help others,” says Albert Lei Shen, a 1995 scholar who is the brains behind the Pay It Forward scholarship. Albert pursued an engineering degree at Oxford and went on to have a successful career in finance.
Albert admires the way William Louey carries out his philanthropy and wants the Pay It Forward scholarship to look after future scholars in the same way. “William puts in his time and effort and expects nothing in return. He is passionate about developing better human beings and helping other people,” Albert says.
Shield Dun Xiao, a 2000 scholar sponsored by the William S.D. Louey Educational Foundation, says that the day he received a Pay It Forward DVD from William Louey was a turning point in his life.
After pursuing a Masters programme at MIT and Cambridge in engineering, he has gone on to become a serial entrepreneur, building China’s largest online education company, which was listed on Nasdaq and once valued at $5 billion.
Shield is currently building an AI technology-based company in Palo Alto to help children’s education worldwide. “I think I can use the power of technology to pay it forward, providing the best opportunities for everyone.”
Like many William Louey scholars, Shield is also an active philanthropist who contributes not only to the Pay It Forward scholarship, but also through his Sea Star Children’s Foundation which helps children with congenital heart disease in Hong Kong.
Shield even has a charity branch attached to his former multi-billion-dollar business, 17EdTech, which helps families and students who can’t afford access to its services. “I spend time with them, I treat them like family,” he says. “The reason I do all of this is because of William.”
Guoquan Liu was a 2008 scholar, who was helped by William to pursue his PhD at Oxford University. “I came from a very rural family in the middle of China, and both my parents are traditional peasants. They would never have been able to pay for my studies in Oxford.”
Guoquan is now a professor teaching pharmacology at the University of Beijing, and wishes to pass on William’s act of kindness to his students. “We have a Chinese saying, a small act of kindness deserves the greatest of gratitude, not to mention such a big, generous act of kindness. I would do my best to pass on this kind of gratitude to other young students and young people.”
Karen Tong was among the earliest groups of students that William Louey sponsored. After pursuing a BA at Cambridge, she trained at Clifford Chance, worked at Goldman Sachs and is now a successful lawyer at PIMCO, a US investment management firm with a branch in Hong Kong. “The biggest lesson I have learnt is that there’s a lot of value in investing in the education of people who are talented, because the effect can be magnified because they can then do more to help other people.”
“It’s a circular system,” William Louey says of the vast effects of the philanthropy he started. “In the last 30 years I’ve been trying to encourage many others to do the same, but it’s very hard to convince people to give time, yet time is the biggest investment you can offer.” He adds that his philanthropic activities are extremely beneficial to him, as it keeps him “very grounded”. “I learn from my scholars and benefit a lot by keeping engaged with the next generation.”
Beyond his philanthropy, William Louey leads an active lifestyle which he hopes will inspire others. The 65-years-old philanthropist looks decades younger, which he credits to his well-balanced lifestyle, which consists of a healthy diet, self-motivation and discipline, positivity and most importantly, a sense of purpose. “I’m obsessed with health,” William Louey said. “My father died very, very young: at 49. My grandfather died very young at 50, and my uncle had his first bypass when he was 43. When I was 18, when my father died, I thought I was dying at 50. So that’s why I set up the scholarship early” he said.
He hopes more people, especially from mainland China and Southeast Asia, will learn from his philosophy, which is why he is currently writing a book about anti-ageing. “What makes you happy internally can keep you young,” William Louey says of the message that his book aims to deliver. Besides addressing subjects such as diet, exercise and discipline, one of the most substantial chapters of his book will address the art of finding your true purpose in life, which will lead to inner peace and happiness, he said.
“I’m always unusual,” he quipped. Whether it be his life decisions or his style of philanthropy or his passions, William Louey has always been celebrated for his very unique approach to life. He is also an ardent photographer who is highly selective in choosing his subjects: usually food, family members and his closest friends.
William Louey is keen to lead by example, especially for his children. He has seen many of his peers leading a life with wealth, but without a sense of purpose. “I mean, we’re talking about waking up at noon, and not doing any work, going on their yachts and smoking a £500 cigar, enjoying Château Lafite, that’s all they talk about” he said.
When asked about the legacy that he is leaving for his family, particularly his children, Louey hopes that his children will one day continue his work and help others and that they will remember one very important message: “to leave a legacy is to always continue to help people without asking for anything in return”.
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