Global philanthropic giving among the world’s ultra wealthy totaled US$112 billion in 2014
Dubai, 20 December 2015 – According to a new report by Wealth-X and Arton Capital, Emirati ultra-high net worth (UHNW) philanthropists donate on average US$10.2 million per person over the course of their lifetime.
According to the report, UHNW individuals globally donate US$112 billion to charity each year, about 18% of total philanthropic giving, which was just over US$625 billion. Billionaires are responsible for a large share of this giving, donating US$75 billion annually. Education remains the most popular cause those UHNW individuals donate to, followed by health, but study has found the current refugee crisis is also a top priority.
The report, titled ‘Philanthropy Report 2015’ found that The Wealth-X and Arton Capital Major Giving Index, which has tracked trends in UHNW charitable giving since 2004, was up 6.4% year-over-year. The index has hit an all-time high at a level of 234, up 25% since its inception.
Armand Arton, President & CEO, Arton Capital added: “The UAE is one of the most prosperous countries on earth, and makes huge contributions through philanthropic giving, but more can always be done to bridge the gap between the world’s richest and poorest.
“At Arton Capital, we believe that the prosperity of one individual, one company, or one nation is interdependent with the prosperity of others. The typical UHNW philanthropist donates $28.7 million in his or her lifetime, and whilst the UAE makes a significant contribution to the US$112 billion given in 2014, this is only 0.7% of the percentage net worth.”
Wealth-X records more than 211,000 UHNW individuals globally with at least US$30 million in net assets.
Here are some other key findings from the report:
- Global philanthropic giving among the world’s ultra wealthy totaled US$112 billion in 2014, equivalent to the GDP of Morocco.
- The typical UHNW philanthropist donates $28.7 million in his or her lifetime.
- UHNW individuals each contributed, on average, US$530,100 last year in the form of donations and pledges to philanthropy.
- America’s ultra wealthy women who inherited their wealth give nearly 19% of their fortune to charitable causes, more than any other UHNW donor group.
- 73.2% of UHNW philanthropists are self-made.
- 65% of UHNW individuals donate over $1 million throughout their lifetimes.
- Based on total donations, India has the most generous donors, followed by the United Kingdom and Hong Kong.
- Based on total donations as a percentage of net worth, the United Kingdom has the most generous donors, followed by the United States and Hong Kong.
- Education remains the most popular cause that UHNW individuals donate to, followed by health.
Wealth-X is the global authority on wealth intelligence, providing sales, marketing, strategy and compliance solutions to clients in the financial services, luxury, not-for-profit and education sectors. Its award-winning research and thought leadership are regularly cited by the world’s media such as CNBC, Financial Times, Thomson Reuters and BBC. Wealth-X has more than 250 staff in 10 global centers, including Singapore, London and New York (www.wealthx.com)
About Arton Capital
Arton Capital empowers individuals and families to become Global Citizens. As a global financial advisory firm specializing in investor programs for residence and citizenship, Arton plays a critical role in helping governments, consultants, legal and financial professionals and investors to meet their goals quickly, efficiently and more effectively. Arton’s global operations are spread in over 15 offices around the world and have helped attract over US$2.7 billion foreign direct investment to countries. Arton Capital is a member of The Arton Group, which comprises of fully licensed international banking, financial advisory and investment consulting companies tailored to the needs of global citizens (www.artoncapital.com)