Q1 of 2021 saw rise in giving among UK millionaires

Melanie May | 30 March 2021 | News

Giving rose in Q1 this year from millionaire individuals in the UK, according to research, returning close to pre-pandemic levels.

Quarterly surveying conducted by the Beacon Collaborative and Savanta shows that in the first quarter of 2021, the median amount given by those with investable wealth above £1 million was £250. This has increased from £170 in December. Mean giving also increased, rising from £2,370 to £3,990 over the same period. 

The number of individuals making donations of £1,000-£5,000 doubled among those with higher asset levels. Almost a quarter of those with wealth over £5 million gave between £1,000 and £5,000 in Q1, compared to 15% across the wealthy population as a whole. More widely, gifts of between £100 and £1,000 remained the most popular, with 34% of respondents giving at this level.

The most noticeable change seen was among those with an investable wealth of £2-5 million. Among this group, both the median and the mean rose above the levels seen at the height of 2020’s first lockdown. This suggests that more individuals in this group are giving, and that the value of their gifts is increasing.

Among those with wealth over £5 million, rather than major one-off gifts like those seen during the first lockdown last year, the value of regular contributions rose slightly instead, suggesting a shift away from emergency funding with a greater focus on providing support longer term instead.

More on the Beacon Collaborative’s surveying of giving can be accessed on its site.

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