The new market report examines the attitude of high net worth (HNW) philanthropists, studies their philanthropic causes, and categorizes the key differences in giving.
According to the research report titled ‘Modern Philanthropy: New Ways for Organizations to Target HNWIs’, the number of HNWIs is projected to grow at a rate of 3.03%, to reach over 20 million individuals by 2020.
The report provides an in-depth analysis of current trends in philanthropy, social entrepreneurship, covering foundation work, and collaborative philanthropy and classifies new methods that philanthropic organizations should take into consideration when pursuing HNWIs.
In this day and age, as the net worth of individuals is increasing, the number of philanthropists are also going up. With the accumulated wealth, many are treading the path of philanthropy. There are numerous causes that are constantly in need of a philanthropist. A huge section of the society is willing to give away their hard-earned money for a good cause. They want to make a difference in the society and see a significant change by contributing towards a cause or a movement.
A vast majority of global HNWI population is engaged in health-related causes. Developing economies are always on a lookout for organizations that can help solve health-related problems and provide a long-term solution. Academics is another vital field that requires the support of the global HNWI population. There are a number of countries where the literacy rate is very low due to absence of good schools or trained teachers. Also, there are cases where parents are not able to fund their child’s education, hence the last resort remains to seek assistance of a philanthropist.
The global philanthropic sector is poised for long-term growth as the volume of high net worth individuals (HNWIs) is rising globally. Today, a large section of the HNWIs population not only entails to grow their individual wealth but fulfill their personal interests and safeguard their fortunes. HNWIs are also looking at numerous ways to create a legacy through foundation work, philanthropic activities, and passing on values to their children. On the other hand, the younger strata of HNWIs population are donating their wealth in different ways to contribute to the welfare of the society.
There are various other aspects such as micro-financing, impact investments, and pledges that are changing the way non-profits, charities, and other organizations target HNWIs. The report also finds giving patterns that differ significantly according to age group, wealth, band, gender, location, and motivation. The United States accounts for the most HNWIs in the world, followed by Japan, Germany, and China.
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