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China Daily Global / 2019-12 / 03 / Page002

Millionaires want billionaires to give to charities

China Daily Global | Updated: 2019-12-03 00:00

Many of the world's multimillionaires are limiting donations to charities because they believe that this is the responsibility of billionaires, according to a survey.

The study of 400 people in nine countries with personal assets of $6.5 million or more found that 75 percent believe philanthropy is the responsibility of those wealthier than themselves.

The results of the survey were published on Nov 15.

Just over 40 percent said the amounts they could donate would be "insufficient to make a real impact" and they think the very rich can have a more direct and immediate impact on charitable causes.

Almost half of the multimillionaires donate less than 1 percent of their income every year, according to Barclays' "Barriers to Giving" report, which found that 59 percent of those surveyed said they should give more, with 14 percent disagreeing.

The report said that if every non-multimillionaire in the United States increased their donations to 1 percent of their income, there would be an additional $1.03 billion in annual global funding for charitable organizations.

Barclays surveyed millionaires in the United Kingdom, France, Germany, Italy, Saudi Arabia, the United Arab Emirates, Singapore and India.

The study excludes the US, which leads the world when it comes to wealth creation and wealth sharing.

Last year, more than $425 billion, or 2.1 percent of GDP, was raised and donated to charities in the US.

Some 46 percent of those surveyed said financing good causes is a job for the state, 29 percent felt that family and business commitments come first, and 27 percent cited a lack of faith in how charities are run.


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