Wealth Management Survey features philanthropy
Howard Lake | 17 November 2005 | News
The latest issue of Wealth Management Survey, a bi-annual title for high net worth individuals in the UK, features the growth of venture philanthropy in London.
The article, “Donation Nation”, by Alan Binnington, reports that “a new wave of American-style ‘venture philanthropy’ is hitting London”. It describes the rise of the “exclusive givers’ club” including members such as Sir Paul Getty, Lily Safra and the Sainsbury family.
Pointing to the introduction of payroll giving in 1986 and Gift Aid for individuals in 1990 as contributing factors to this new development, Binnington contrasts these moves with the USA where tax relief on charitable giving has been available since the 18th century.
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He then contrasts charitable giving rates in other countries, using the Johns Hopkins University studies. In the USA, just over 1% of GDP is given to nonprofits by individuals. In the UK the figure is 0.62%, in France 0.28%, and Italy 0.09%. There are explanations for these differences, he notes, not least traditions and expectations of government involvement in social care.
Binnington suggests that one of the main drivers in the growth of venture philanthropy whether in London or elsewhere is the attraction of active participation in charities’ projects. “An entrepreneur who has sold his or her business and who wants something a bit more exciting than reviewing portfolio valuations… may well turn to venture philantrhopy, the charitable version of venture capitalism, to generate a bit more excitement”, he writes.
“Donation Nation” is one of a number of articles on charities and philanthropy published in Wealth Management Survey.
The magazine is published by Spear Media, although it is not listed on their website.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.