A recent study reported by Robert Frank stated that the American wealthy are hands down the most philanthropic in the world. They dominate global giving and are more likely to make philanthropy a priority.
The study further goes on to say that multimillionaires donate only about 1 of their wealth to charity, although billionaires tend to give more. Interestingly enough, the wealthy worth $10 million or more state three main reasons for not giving more. First, they needed more confidence that the level of their wealth would continue to support their lifestyle and their family. Second, they said they would give more if the markets improved. Finally, a third of those polled said they needed to find something more to be passionate about. I assume heart, cancer and leukemia research and the like are areas that do not engender passion.
Joseph F. Mirabella
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