Despite rise of rich Asians, the tradition of giving remains strong in North America
There’s a growing expectation that the ultra-wealthy should be “giving back” fuelled by high-profile philanthropy of billionaires including Bill Gates and Warren Buffett.
A new report from Wealth X shows that the tradition of giving in North America is still strong with U$75 billion donated in 2018, almost half of global ultra-wealthy donations ($153 billion). The US alone accounts for 20-30% of all individual giving.
The most common focus area for high-net-worth-individuals is education with almost 9 in 10 directing part of their philanthropic giving with a minimum of $50K in the past 5 years.
Other areas of interest for philanthropy include social services, healthcare and medical research, and art and culture.
The report ‘The New Normal: Trends in UHNW Giving 2019’, published this week as part of #GivingTuesday, reveals that younger HNWIs are focused on just one or two key causes, often those that they are financially and practically involved with.
It also highlights how philanthropic giving is moving towards sustainable investing and ‘co-creation’ with wealthy individuals more open to experiment with innovative financial instruments. Donors are also demanding that non-profits and charities that they support uphold high standards.
Wealth X estimates that the number of ultra-wealthy individuals (with a net worth of $30m+) has risen to 275,130 globally in 2019 from 173,960 in 2009. Their combined wealth is estimated at $33.5 trillion.
In North America, there are an estimated 96,670 HNWIs with an estimated combined wealth of $11.5 trillion.
We have released and updated report to kick-off #GivingTuesday.
— Wealth-X (@WealthX) December 3, 2019
The New Normal: Trends in UHNW Giving 2019 is the fourth edition of Wealth-X’s report focused on #philanthropic giving by the world’s wealthiest individuals.
Download here: https://t.co/oJjTOgcmPc
