Contribution of the wealthy to philanthropy likely to increase, concludes Barclays Wealth
Almost a quarter of high net worth individuals (HNWIs) globally say charity is a top spending priority, according to a new report by Barclays Wealth. Global Giving: The culture of philanthropy attempts to chart trends in philanthropy among the wealthy by surveying 2,000 millionaires around the world. The US, South Africa, Saudi Arabia and Ireland have the highest percentage of respondents saying that philanthropy is among their top three spending priorities, while three of those four (the exception is Saudi Arabia) also feature at the top of the list of those who say they spend over five hours a week on charity. Philanthropy among this group, believes the report, looks set to increase, with 44 per cent of respondents saying they are more likely to make charity a spending priority when they retire, and the amount of time they allocate to charity set to increase overall by 194 per cent. Men are more active philanthropists in developed countries, but in emerging economies women take the lead. Taken by region, those in developing countries are the second most likely to give money after those in North America.