The outlook for giving among the ultra wealthy remains strong, according to the Wealth-X and Arton Capital Philanthropy Report. In 2014, the Wealth-X and Arton Capital Major Giving Index continued its upward climb, and has now risen 25% since 2005 and up 6.4% year-on-year. The index tracks trends in UHNW charitable giving, taking into account the size of gifts from UHNW individuals and the number of gifts these individuals made.
An estimated 55,000 UHNW individuals make philanthropic contributions through volunteering, including raising money, food collection or distribution, general labour or transportation and tutoring and teaching. An estimated 11,000 UHNW individuals have made a significant gift (valuing at least US$1 million) to philanthropic causes. The causes that UHNW individuals support are varied, however as in recent years, education-related causes account for the greatest number of gifts made by UHNW philanthropists.
Higher education receives the greatest total gifts value, underscoring the affinity that UHNW donors feel towards education and their alma maters. This is opposed to what is seen in the American general population, where the majority of charitable donations went to religion (32%), education (15%), human services and grant-making foundations (12%) and health (8%). Individual large gifts to foundations are the largest on average, at US$30.7 million. This is likely due to 1 in 10 UHNW individuals having a foundation, which gives the benefactor control and a tax-efficient way of allocating his or her funds. Of note is human services with an average gift size of US$1.6 million, the broader cause that includes the refugee crisis and trails all other causes other than religious organisations.
In October, Wealth-X partnered with Business Insider to identify the 20 most generous people in the world, ranked by total charitable giving to date. These 20 individuals have donated a total of US$106.8 billion to a variety of philanthropic causes.