“Growth is slowing and the wealthy are under increased scrutiny, yet significant opportunities remain for those who truly understand how to identify, engage, understand and serve this group.”
The Wealth-X Attitudes Survey, conducted with Knight Frank, surveyed more than 400 of the world’s leading private bankers and wealth advisors, who combined for the management of $500 billion across 45,000 individuals.
Bill Gates has donated more than $28 billion to his eponymous foundation, and Facebook founder Mark Zuckerberg and his wife Priscilla Chan recently promised to give away 99 percent of their shares, or the equivalent of more than $44.5 billion.
Though the conversation in parts of the world has vilified the wealthy in recent years, two thirds of those surveyed in the Wealth-X Attitudes Survey said that over the past 10 years, clients’ philanthropic tendencies have improved, and 80 percent overall expect it to do so over the next decade. Only 2 percent suggest it would decrease.
Wealth-X change in UHNWI philanthropic activities graphic
Fifty-two percent of respondents selected personal fulfillment as the biggest reason for giving, followed closely by “a sense of purpose” and “a sense of duty or responsibility” for 51 percent and 48 percent, respectively. This is representative of the importance affluents place on education, often giving back to their alma maters.
For comparison, general population of America donates primarily to religious organizations (32 percent), education (15 percent), human services and grant-making foundations (12 percent) and health (8 percent) (see story).
Brands regularly find creative ways to assist in consumers’ philanthropic urges.
For example, over the 2015 holiday season, LVMH-owned luxury travel retailer DFS Group has teamed with Make-A-Wish International to grant children’s wishes this holiday season.
The #JoyToYourWorld partnership furthers the gift-of-giving ideology by bringing joy to the lives of children with life-threatening medical conditions.
