Wealth-X index show ultra-rich philanthropy on increase
Melanie May | 15 December 2015 | News
The UK’s wealthiest people are some of the top givers globally, according to a report on ultra-wealthy philanthropy by Wealth-X.
Wealth-X records more than 211,000 ultra high net worth (UHNW) individuals globally with at least US$30 million in net assets, and the second annual Wealth-X and Arton Capital Major Giving Index looks at the giving trends of these individuals, and how they are currently supporting the refugee crisis.
Based on lifetime giving, India has the most generous donors, giving an average of US$96.6 million, followed by the United Kingdom at US$32.7 million, and Hong Kong at US$32.3 million.
Based on lifetime giving as a percentage of net worth however, the United Kingdom takes first place, giving 12.3% of their net worth followed by the United States at 8.7%, and Hong Kong at 7.6%.
Average lifetime giving by country: Wealth-X and Arton Capital Major Giving Index
Education is the most popular cause that UHNW individuals donate to, followed by health. The refugee crisis is also having an impact with one in 28 UHNW individuals (7,441 people) donating to aid efforts, with an average gift size of US$357,500: US$2.7 billion in total.
Giving amongst this group increased last year: 2014 saw the Wealth-X and Arton Capital Major Giving Index reach an all time high, up 25% since its launch in 2004 and up 6.4% year-on-year. Overall, global philanthropic giving among the world’s ultra wealthy totaled US$112 billion in 2014, with UHNW individuals each contributing an average of US$530,100 in the form of donations and pledges to philanthropy.
Mykolas Rambus, CEO, Wealth-X, said:
“This year’s study is both revealing in uncovering differences in giving according to UHNW donor groups, and it is topical as it highlights how ultra wealthy donors are directly helping the refugee crisis.”
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.