With the volume of millionaires rising, the global philanthropic sector is poised for long-term growth. In a new report, WealthInsight marks a shift in philanthropy: from spontaneous donations towards structured philanthropic contributions.
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February 6, 2014 (www.investorideas.com newswire) Today millionaires are less concerned with cash and gift donations and focus more on the long term impact of their contributions.
"Rather than gaining wealth through inheritance the majority of millionaires today are newly created or 'first generation'. As a result, an increasing number of millionaires are focusing on applying business acumen to their chosen cause”, says Ouliana Vlasova, Head of Content at WealthInsight.
Global philanthropists remain inclined towards cultural, academic and health related causes. According to WealthInsight, 18.7% of the global millionaire population prefer to engage in cultural causes, 18.4% prefer contributing towards academic causes and 17.8% prefer putting their money in healthcare.
Health and culture are the preferred causes for millionaires in the developed markets; while millionaires in the developing markets are more likely to support educational causes.
For much more information on this, please see attached white paper: 'Emerging Philanthropists Shaping the Future'
About this report
These findings are based on a study of over 75,000 HNWIs from WealthInsight's Insight Report: Philanthropy.
The report was published in January 2014 and examines specific trends belonging to four major regions: the Americas, Europe, Asia-Pacific, and Middle East and Africa. Also, for each region, the motives of HNWI philanthropists are analysed by age, gender, industries they belong to and their wealth band.
'Millionaires' otherwise known as 'high net worth individuals' or 'HNWIs' refer to individuals with net assets of US$1 million or more excluding their primary residences.
Venture philanthropy primarily captures the ideas behind venture capitalist financing of early-stage, high-potential, high-risk start-ups and business management and applies them in the philanthropy sector.
The WealthInsight Intelligence Center Database is an information resource on the world's high net worth individuals (HNWI) and wealth sector. Compiled and curated by a team of research specialists, the database comprises dossiers on over 75,000 HNWIs from around the world. The Intelligent Center also includes tracking of wealth and liquidity events as they happen and detailed profiles of major private banks, wealth managers and family offices in each market.
For further information
Please contact Ida Kloster at the WealthInsight press office at +44 (0) 2032 200 818 or email firstname.lastname@example.org.
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