American Rich Lead the World in Philanthropy
By Robert Frank
What accounts for the fact that the American rich lead the world in philanthropy?
Are they more generous? Does religion play a role? Is it all just a matter of tax breaks?
The answer is probably more complex than anything we could explain in a blog post. Still, a new survey from Barclays Wealth shows the extent to which the American rich lead the world in giving. Of course, the U.S. has about a third of the world’s millionaires and they control trillions of dollars in wealth. Anyway, here is the ranking of the percentage of millionaires who said that philanthropy is one of their top three spending priorities:
1. U.S. — 41%
2. South Africa — 37%
3. Saudi Arabia — 32%
4. Ireland — 30%
5. Taiwan — 28%
6. India — 26%
7. South America — 25%
8. Switzerland — 24%
9. UAE — 23%
10. Singapore — 23%And at the bottom:
Australia — 5%
Japan — 5 %There were differences in how the rich give. The rich in the U.S., Ireland, India and South Africa all give time and money. In South America, Taiwan and Saudi Arabia, the wealthy prefer to give just money.
What do you think accounts for the differences in giving?
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