Millionaires' philanthropy at highest level in three years - Coutts Study

By added on 16/11/2010

Financial turmoil has not hurt philanthropic giving in the UK, according to a new report by Coutts, the private bank, which shows that the number of donations of £1 million (around US$1.6 million) or more is the highest since before the early phase of the credit crisis, Wealth Briefing reports.

The value of donations over £1 million is showing signs of recovery; in 2008/9 the value was £1.548 billion, which is up £143 million from £1.405 billion in 2007/8, although lower than levels in 2006/07. The number of donations from individuals remains more or less consistent – with 100 donations compared to 96 in 2007/8; and 102 in 2006/7, the report said.

The release of the annual Coutts Million Pound Donor Report will be welcome news to charities and foundations concerned that the cool economic climate will prompt wealthy donors to make cuts. The findings will also encourage wealth management firms – such as Coutts and peers such as Barclays Wealth that it makes strategic good sense to target philanthropy as a key area for their clients.

The report, produced in association with the Centre for Philanthropy at the University of Kent, tracks the quantity, size and destination of charitable donations worth £1 million or more in the UK. The study was written by Dr Beth Breeze, a founding member of the University of Kent’s Centre for Philanthropy, Humanitarianism and Social Justice.