July 2, 2007 | Read Time: 2 minutes
The wealthiest individuals in the world gave more than $285-billion to charity in 2006, according to a the 2007 World Wealth Report, an annual look at the financial practices of high-net worth individuals. The report was produced by Merrill Lynch & Company and the Capgemini Group.
Wealthy people with financial assets of more than $1-million (excluding the value of their homes) were worth $37.2-trillion last year according to the report.
Among the key findings: Eleven percent of the wealthy said they gave at least 7 percent of their assets to charity last year.
Among the richest people surveyed — those whose assets exceed $30-million — 17 percent said they gave 10 percent of their wealth to charity last year. Americans and Canadians together gave 7.6 percent of their assets to charity in 2006, 20 cent more than in 2005. High-net worth individuals in the Asia Pacific regions gave 11.8 percent, and those in the Middle East gave 7.7 percent. Wealthy Europeans gave 4.6 percent of their assets, while rich Latin Americans gave only about 3 percent of their financial holdings to charity. Latin Americans gave the least, according to the study, because philanthropy is not as well developed there as it is in North America and Europe
Many of the wealthiest people in the world say they give because they feel a moral obligation to do so.
In Europe and Asia, 60 percent of the wealthiest philanthropists listed a commitment to social responsibility as the number one reason they support philanthropic causes. In the United States and Canada, 47 percent said they gave to charity out of a sense of social responsibility.
Asked about the causes that they most want to support, wealthy people said they wanted to curb global poverty and improve health care, though they said they also wanted to support universities and other causes that traditionally have been popular with affluent people.
The 2007 World Wealth Report is available on Merrill Lynch’s Web site.
