Charitable giving overall is a priority among America’s wealthiest households, but investors appear to develop a greater sense of duty and obligation as they build and consolidate wealth.
Personal connections are a primary driver in charitable giving, a new Spectrem’s Millionaire Corner survey finds.
The highest percentage of Affluent investors surveyed reported donating money for study and research to organizations battling breast cancer (29 percent) and other forms of cancer (30 percent) Correspondingly, the highest percentage of these investors (42 percent) reported that they or a family member had been diagnosed with cancer.
Charitable giving overall is a priority among America’s wealthiest households, but investors appear to develop a greater sense of duty and obligation as they build and consolidate wealth, according to ongoing Millionaire Corner research. More than half (54 percent) of investors with $25 million or more cite “using my wealth to help others” as a significant personal concern, The percentage falls to 34 percent for investors with a net worth between $1 million and $5 million, and to 28 percent for non-millionaires with at least $100,000 to invest. And the wealthiest investors are the least likely to indicate that they make no donation at all to these causes.
When it comes to charitable giving, American’s wealthiest tends to donate to causes in which they are most passionate and interested, an attitude shared by 60 percent of respondents, a separate Millionaire Corner survey found. Fifty-four percent said they donate to the same organizations each year and are reluctant to donate to new charitable organizations.
Other organizations that benefit most from donations by Affluent investors include those tackling heart disease (26 percent), Alzheimer's (16 percent) and diabetes (12 percent). Four-in-ten Affluent investors indicated they did not donate to any of the above. Again, these percentages are on par with those who say they either they or a family member was diagnosed with these conditions, but the percentages were higher among those who said they donate to these causes.
Wealth and age are factors in who is most likely to make charitable donations in support of medical research. This may be because wealthier investors tend to be older.. For example, investors with at least $5 million were more likely than affluent investors overall to make donations in support of research into heart disease (40 percent vs. 26 percent), Alzheimer's (28 percent vs. 16 percent) and forms of cancer (45 percent vs. 30 percent).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.