According to a new report published by the multinational wealth management firm Barclays Wealth, “The recession is creating a new generation of philanthropists in Birmingham [U.K.],” says an article in the U.K.-based Birmingham Post. “The importance of civic-minded millionaires is on the rise,” the article continues. “One in four high-net-worth earners have increased their contributions to charities throughout the recession.”
Entitled “Tomorrow’s Philanthropist,” the report polled 500 high-net-worth investors in the U.K. and U.S. Among their findings:
- Despite the global downturn, 3 out of 4 people surveyed has not decreased their level of charitable contributions.
- More than 1 in 4 have actually increased their giving in the past 18 months.
- When asked where they would make cuts if the downturn continued, the respondents said that luxury goods, eating out, holidays, travel and even staff were more expendable than charitable giving.
And here’s the really cool part.
The study gave a name to what they called “a new, ambitious and younger breed of wealthy philanthropists.” Are you ready for it? They termed it, “The emergence of the Go Giver.”
The article also quoted David Becknall, chairman of the global construction firm Rider Levett Bucknall, who said:
“I have noted the correlation between a company or an individual’s business success and their genuine sustainable contribution to charity. Real ‘from the heart’ giving pays back vast amounts, and I welcome the tangible shift towards the ‘Go-Giver’ and real measurable responsibility.”
We’re not sure exactly who at Barclays has been thumbing the pages of a certain little hardcover parable, but we’d sure love to know. If you’re inclined, feel free to drop in on the Post’s page to make a comment.