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How generous are the rich?

By Judy Martel · Bankrate.com
Wednesday, December 30, 2015
Posted: 10 am ET
The rich are different in terms of how much money they give to charity.

The super-rich are different as far as their generosity to charitable causes. They gave $112 billion in 2014.

Amid concerns about the global economy, philanthropy among the ultra-rich slowed in 2014 from a year earlier, but still peaked at an all-time high, according to a recent report by Wealth-X and Arton Capital.

Their "Major Giving Index," which tracks giving trends among individuals with a net worth of $30 million or more, finds that charitable giving increased 25% since 2004. In 2014, the index increased 6.4% year-over-year, compared with 36.6% in 2013, likely due to economic uncertainty. Of the 211,000 rich individuals tracked by Wealth-X, total giving clocked in at $112 billion last year.

How much did they give?

On average, the ultra-rich donated or pledged just over $530,000 per person to charity in 2014. Among all individuals worth $30 million or more, 65% will donate $1 million or more during their lifetimes, with the typical philanthropist giving much more -- $28.7 million.

American billionaires donate more than any other rich segment of the population, contributing an average of $179.5 million during their lifetimes. But when looking at the total group of philanthropists worth $30 million or more, the U.K. beats out the U.S. as the most generous, based on the value of donations as a percentage of net worth.

The rich value education

The rich feel strongly about higher education -- the recipient of the majority of gifts in 2014 -- with an average amount of $11.8 million per donor. They gave an additional average of $4.1 million to other educational causes. The next most popular charitable cause was health, which received an average of $7 million per donor.

Find out how Warren Buffett, Mia Farrow and other rich and famous Americans donate to charity.

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2 Comments
terry
January 10, 2016 at 10:04 pm

Don't want too be rich heck i use to always found a way but not so much any more still need a car still driving an 02 chevy rich no but too live with out thing's you need well GOD will alway's be here.Money rule's your life you have no life so we all must give what we can and true life is your's forever more.