Ultra-high net worth individuals account for a mere 0.004 percent of the world’s adult population. Donations from these individuals accounted for a three percent growth in 2015 over the previous year. The uptrend points to a resurgence in big-time philanthropy.
A top motivating factor driving major gift-giving was a personal experience. The lucky beneficiaries of their generosity? The Wealth-X and Arton Capital Philanthropy Report 2016 revealed that last year, education received almost half (47 percent) of ultra-high net worth (UHNW) giving.
Next to education was health (20 percent); arts, culture, and humanities (10 percent). Public and social benefit trailed closely at eight percent. Environmental projects, likewise, have drawn the attention of major givers.
Other Findings of the Study
Some trends were highlighted by the study. First, most of the major donors (70 percent) are self-made. They amassed their fortunes through sheer hard work and innovation.
Snapchat Chief Executive Evan Spiegel attended Stanford University and went on an unpaid internship in sales with the Red Bull company. He then worked as an intern for a biomedical firm, and as career instructor in South Africa.The significant other of model Miranda Kerr recently emerged in Forbes 400 as the world’s youngest billionaire.
The significant other of model Miranda Kerr recently emerged in Forbes 400 as the world’s youngest billionaire. Build-A-Bear Workshop Founder Maxine Clark, for instance, worked her way up the corporate ladder.She started working for a department store chain after her graduation in
She started working for a department store chain after her graduation in 1971, and was later on promoted. More than two decades later, Maxine became the president of Payless Shoe Source.
Dustin Aaron Moskovitz, 32, co-founded Facebook with Mark Zuckerberg (another ultra-high net worth individual who has donated a massive amount for health, education, housing and job training) worked at Facebook full-time before forming his own company.
Another key finding presented by the study is that millennials are reshaping philanthropy using employee-based giving and embedded corporate philanthropy.
Enterprising members of the young and go-getting millennial generation who exhibit passion and a no-excuses attitude often use social media and word-of-mouth to raise funds for worthy causes.
Finally, UHNW individuals are blurring the lines between corporate and individual philanthropic activities as well as between philanthropy and business/personal investing. Giving back in a big way has become integral to the identity of most modern-day organizations.
Individuals who have formed their own businesses have likewise realized the value of generous giving.
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