Mega-rich give a smaller proportion of their wealth to charity

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However, overall mega-wealthy giving is slightly up

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14th May 2019 by Graham Martin 0 Comments

In a time of expanding need, the mega-rich are giving a smaller proportion of their wealth to charity.

There has been a decline in the number of super-rich individuals donating more than one per cent of their wealth, according to the most recent Sunday Times Giving List.

The list, published with the Charities Aid Foundation (CAF), showed that the number fell from 86 mega-wealthy people to 72 year-on-year.

However, it also showed that 330 philanthropists donated £3.75 billion in the last 12 months, a 0.5 per cent increase on last year, when £3.207bn was given.

On top of the list is Jonathan Ruffer, who donated £317.5m to arts and social heritage charities.

Kenneth Townsley gave £63.7m to children’s and medical charities, with a sum of £63.7m.

Sir Chris Hohn and Lord Sainsbury, who have both previously come top of the list, came third and fourth respectively, with Hohn giving £417.7m, 35 per cent of his £1.2bn fortune, and Sainsbury donating 31 per cent or £166.8m out of £534m.

This comes after the UK Giving 2019 report published by CAF which revealed a decline in regular giving from 69 per cent in 2016 to 65 per cent in 2018 among the general public.

Susan Pinkney, CAF’s head of research, said: “If people lack trust, that means they worry that their hard-earned money is not being well spent when donated to charities.

“This is a challenge that the entire charity sector needs to tackle head-on and find ways to inspire people to give and demonstrate to them that their money is making a difference.”