Rich altruists give 10% wealth in charity

New Delhi: A typical super-rich person has an average networth of $240 million and donates $25 million in his or her lifetime, says a report. “The typical ultra-wealthy philanthropist donates $25 million over the course of his or her lifetime, is 64 years old, has an average net worth of $240 million, and an average liquidity of $46 million,” according to Wealth-X and Arton Capital Philanthropy Report 2014. Philan-thropy has evolved and expanded, it said, adding that not only are the ultra affluent donating money to various institutions, they are also increasingly using their specific expertise to improve the lives of others.

“Globally, we are witnessing an evolution of philanthropy as it expands from ‘traditional’ philanthropy involving financial contributions and donations to cutting-edge approaches such as venture philanthropy, micro finance, impact investing and job creation,” Wealth-X CEO Mykolas Rambus said. The major giving index has risen in the past few years,

“Billionaires give the most to charity. On average, members of this top-tier wealth segment have donated $108 million in their lifetime,” the report said, adding that philanthropic bequests are expected to reach $86 billion in the next 10 years. The US is a particularly important centre of major giving. UHNW philanthropists in the US are most numerous, most generous and give the most frequently.

In terms of generosity (in terms of total amount given during the 2004-2013 period), Indian UHNW philanthropists were ranked second after US globally. Other most ‘generous’ countries in the world include UK, China and Canada.

According to the report only 2 per cent of all UHNW philanthropists are under 40 years old, while 12.6 per cent are over 80, suggesting that traditional philanthropy is particularly relevant for individuals that have passed the wealth accumulation stage. —