Philanthropic Causes – Charitable Giving
Philanthropic causes and other charitable giving, the most discretionary of the Five Dimensions For Estate Maximization, has given all of our clients great levels of satisfaction associated with giving to thoughtful and worthwhile causes. All of them donate money and time or created foundations and have developed strong personal relationships between wealth, family, philanthropy and spirituality.
The wealthy are some of the most caring, philanthropic and compassionate people there are. You are the folks who provide the majority of funding for the great nonprofits, other charities and foundations in our world. Without these funds, most charities could not survive.
- Philanthropic giving overall is expected to reach $86 billion over the next ten years.
- The ultra high net worth population ($30 million+ net worth) comprises .003% of the world’s population, but holds 13% of the world’s total wealth.
- The typical ultra wealthy philanthropist is 64 years old, has an average net worth of $240 million, with $46 million liquidity, and donates $25 million over the course of a lifetime.
- On average, American households donate $3,000 to charity annually. Ultra high net worth philanthropists with values of $30 million to $50 million donate over $60,000 per year.
- Billionaires give the most to charity. On average, members of this segment donate $108 million during their lifetime.
- Giving for educational causes accounts for 40% of all donations, which is three times more than the amount given to health causes.
- Nearly 70% of ultra high net worth philanthropists are self-made and actively contribute to programs that aim to increase entrepreneurialism.
In addition to the pleasure and empowerment it brings, being philanthropic also requires its own due diligence and vetting to reinforce and remind all involved that money usually carries a burden with it and can harm or unsettle the recipient if not given and received with the right amount of discretion.
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