The pace of giving by those worth at least US$30m was greater than the rest of us according to a new report
Few things focus the mind on healthcare and good causes like a global pandemic as the growth of philanthropy during the pandemic demonstrates.
But while many of us gave time, money, or both to charities and community groups as the pandemic grew, philanthropy was growing faster among the world’s wealthiest population.
Ultra-high-net-worth (UHNW) individuals – those with net worth of US$30m or more – donated a combined $175 billion in 2020 according to a new report from Wealth-X.
That’s a sizeable chunk of the total $750 billion that was donated in the year (excluding giving by corporations and governments).
The growth of philanthropy by the UHNW population was 4.1% in 2020 compared to the previous year, outpacing growth of giving from those not in that cohort.
Contributions from the ultra-wealthy and their private foundations accounted for a substantial 36% of all giving in 2020 by private individuals.
North America accounted for more than half of all UHNW individuals’ donations with $90.5 billion. Europe was second with $51.7 billion, and the wealthiest in Asia donated $21.5 billion.
Men made up 9 in 10 UHNW philanthropists in 2020 but donations by women are trending higher, partly due to an increase in the number of female entrepreneurs. The report also highlights increased collaboration among female philanthropists.
Giving is growing
The ultra-wealthy have become progressively more involved in philanthropy over the past decade. This has occurred alongside the rapid growth of the global UHNW population and its cumulative net worth.,
Wealth-X estimates that the number of UHNW individuals in North America reached 139,400 in 2021; there were 96,770 in Asia and 88,870 in Europe.
