Despite the ever-changing economic environment, there has been an approximate 9 percent increase in giving among wealthy households. According to the latest issue of Advancing Philanthropy magazine, the wealthy are among some of the highest “givers” in the population.
Information in the Bank of America Study of High Net Worth Philanthropy in 2012, shows nearly of the $300 billion donated in 2011, more than 70 percent was given by individuals, of which half was given by the wealthiest three percent of American households.
Here are some of the key findings in the study, imported and implemented into a philanthropic view:
- Giving is linked to volunteering: Generally speaking, the more high-net-worth individuals volunteered, the more they gave in return.
- Donors give strategically: One out of four wealthy donors reported having a private foundation or donor-advised fund. Although charitable provisions remain the main vehicles, private organizations are prevalent among the wealthy.
- Donors’ expectations influence decisions on giving: Wealthy donors expect a level of anonymity and similarly, not to distribute their names, and expect the monies be distributed appropriately via fundraising and general admissions.
- Family traditions and preparing for the next generation: Many wealthy families have a tradition of giving back and volunteering for the community. Personal efforts are shown to push these giving traditions to the coming generations.