One-third of wealthiest investors give $50,000 or more a year to charities.
The wealthiest investors spend more money on charitable contributions than on any personal pleasure or item, according to Spectrem’s Millionaire Corner research.
From the report $25 Million Plus Investor , 32 percent of investors with a net worth of $25 million or more spend at least $50,000 per year on charitable contributions, compared to only 23 percent who spend $50,000 on vacation or leisure travel, and 24 percent who spend $50,000 or more on automobiles a year.
The study asked the wealthiest investors to estimate the amount they spent annually on collectibles, clothing, jewelry, automobiles, boats, entertainment, vacations, and club memberships, as well as charitable and political contributions.
The only other item that saw at least 10 percent of investors spending $50,000 or more was collectibles, with 12 percent hitting the $50,000 mark annually.
Twenty-two percent of the $25 million-plus investors spend $100,000 or more on charitable contributions. Thirteen percent spend $100,000 or more on vacations, and 10 percent spend $100,000 or more on automobiles.
Fifty-eight percent of the ultra-rich spend less than $25,000 annually on jewelry, and 66 percent spend less than $25,000 a year on entertainment such as attending live performances. Twenty-eight percent spend less than $25,000 a year on travel.
Thirty-six percent of the $25 million-plus crowd does not spend a dime on collectibles, and 34 percent do not spend any money on political contributions. Twenty-seven percent spend nothing on club memberships, and 19 percent spend nothing on going to sporting events, or on automobiles.
In terms of expenses, 20 percent of the $25 million-plus investors spend at least $50,000 a year on home improvement, and 14 percent spend that much on household staff. Again, 14 percent spend at least $50,000 on college education, although 58 percent spend no money on college education.
They are also not a gambling lot, with 64 percent saying they do not spend a cent on gambling annually.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.