Against the backdrop of a world still grappling with the fallout from the Covid-19 pandemic, philanthropic giving by the wealthy is an expanding area of focus for man non-profit and education organizations’ fundraising departments. This report, our sixth on philanthropic giving, focuses on the ultra-wealthy (individuals with $30m or more), who account for a large share of this giving.
We start by exploring global philanthropy, charting the significant role played by the ultra-wealthy because of the scale of their giving. In this context, our report touches on society’s growing expectations of this group’s responsibilities, given rising inequality and surging UHNW wealth. We uncover how the pandemic has affected UHNW giving compared with other major sources of philanthropic funding.
We examine philanthropic giving by the ultra-wealthy by region, highlighting a range of influencing factors. Going into greater depth, we shine a spotlight on UHNW donors in North America, Europe and Asia. We analyze ultra-wealthy donors’ favorite causes and draw out differences by region across gender, age, wealth source and primary industry.
One key insight the Ultra High Net Worth Philanthropy 2022 report revealed that in 2020, the ultra wealthy class is estimated to have given a total of $175bn to philanthropic causes. This is a substantial sum, approximately equivalent to all US federal government spending on education, employment and social welfare that year. This figure excludes any giving undertaken by businesses owned by the ultra wealthy.
Other key insights explored within Ultra High Net Worth Philanthropy 2022 are:
- Growth in giving by the ultra wealthy outpaced that from other sources in 2020
- North America accounted for more than half of all global ultra wealthy donations, at $91 billion, which reflects the region’s elevated wealth and its longstanding tradition of public giving
- Europe’s ultra wealthy gave a total of $52bn in 2020, equating to a third of global UHNW giving
- UHNW individuals with private charitable foundations are different to other major philanthropists