With all this doom and gloom I was somewhat cheered to read research from Coutts
that has found philanthropy is holding up, despite the downturn.
The study, released this week, which tracks the quantity, size and destination of charitable sums of £1 million or more in the UK during 2007/08, found the fall in the total value of donations worth £1 million or more was just 13 per cent on the previous year. The drop in the number of donors making commitments at this level fell by just 6 per cent.
The most popular causes for million pound donors are higher education, arts and culture and international aid and development. And more are giving direct to front-line charities rather than ‘banking’ the money in charitable foundations to be spent at a later date.
So despite several research reports citing significant drops in wealth, it seems the rich still have enough money to splash the cash for charity – it’s just that more are doing so in instalments, or anonymously.