This new report explores how, where and how much the world’s wealthiest individuals have chosen to give philanthropically in the past year.
NEW YORK (PRWEB) December 15, 2020
Wealth-X, the world’s leading provider of data and insight on the wealthy, today released the Spotlight on Major Giving in 2020. The spread of the coronavirus pandemic, the rise of the Black Lives Matter and other social justice movements, and a weakened global economy have had a significant impact on the giving landscape in the not-for-profit and education sectors. This new report explores how, where and how much the world’s wealthiest individuals have chosen to give philanthropically in the past year.
The world has undergone dramatic change since Wealth-X last reported on major giving in its December 2019 publication The New Normal: Trends in UHNW Giving 2019. This new edition explores how these developments affected major giving in 2020 from the perspective of recipient organizations and the group of wealthy individuals, particularly ultra high net worth (UHNW) individuals — those with a net worth of $30 million or more, who fund a significant share of this giving.
Key insights from Spotlight on Major Giving in 2020 include:
- UHNW individuals accounted for 20% of total global giving - when looking just at individual giving, UHNW and their private foundations represent 36% of total global giving.
- The ultra wealthy have given or pledged over $7.4 billion to Covid-19 and social justice causes - the amount the ultra wealthy and their private foundations gave or pledged to such causes during the period January to October 2020 according to the Wealth-X Database.
- UHNW Covid-19 and social justice philanthropists tend to be younger and more generous in their donations than average major UHNW philanthropists - under 18% of these two groups are over 70, compared with 46% of the latter. This is uncovered by comparing key UHNW philanthropist archetypes, also highlighted in the report.
- Major donors are changing the way they engage with philanthropy - trends include an increased awareness of the importance of philanthropy, a greater openness to unrestricted funding and a greater collaboration among donors.
- The challenges of 2020 underscore the need for organizations to realize the potential of their major giving programs - amid the financial necessity of funding diversification, there remains huge potential for further growth in major giving.
The report also discusses why major giving is different from other forms of funding and considers the many benefits it brings to the organizations that harness its potential. The global spread of Covid-19 has had a considerable impact on the way organizations conduct their major giving operations. Spotlight on Major Giving in 2020 examines the adaptations that organizations have made, showcasing their successes and how challenges are evolving.
Download the full report here: http://www.wealthx.com/report/covid-19-philanthropy-spotlight-major-giving/
To size philanthropic giving by the ultra wealthy, we use our Philanthropic Giving Model to compile the report. This model leverages Wealth-X’s Wealth and Investible Assets Model and its proprietary Global Database of records on wealthy individuals, the largest of its kind in the world.
The global leader in wealth information and insight, Wealth-X partners with prestige brands across the financial services, luxury, nonprofit and higher-education industries to fuel strategic decision-making in sales, marketing and compliance. Wealth-X has developed the world’s largest collection of records on wealthy individuals and produces unparalleled data analysis to help organizations uncover, understand, and engage their target audience, as well as mitigate risk. Founded in 2010, with staff across North America, Europe and Asia, Wealth-X provides unique data, analysis, and counsel to a growing roster of over 500 clients, worldwide.