Ultra-High-Net-Worth Individuals Gave US$153 Billion in 2018
The UC Berkeley received a $106 million-donation from Sandy and Joan Weill in November. According to Wealth-X, education is the most popular cause for ultra-high-net-worth individuals to donate money to.JUSTIN SULLIVAN/GETTY IMAGES
Philanthropic giving by ultra-high-net-worth individuals—those who have a net worth of US$30 million and more—reached US$153 billion in 2018, with education by far the leading cause to which people donated, according to a report by Wealth-X released Tuesday.
The global ultra-wealthy population, totaling 275,130, collectively held assets worth almost US$33.5 trillion. Their combined philanthropic giving, excluding any giving undertaken by businesses owned by the ultra wealthy, accounted for nearly 5% of their total wealth.
To put his figure into perspective, the yearly donation by the UHNW individuals is approximately equivalent to all combined U.S. federal government spending on healthcare, education, and energy expected in 2019, according to the report, The New Normal: Trends in Philanthropic Giving by the Ultra Wealthy 2019.
The 96,670 North Americans who have at least US$30 million in assets accounted for almost half of UHNW philanthropic giving globally, at US$75 billion in 2018, reflecting the region’s growing wealth and longstanding tradition of public giving.
Europe’s ultra-wealthy gave a combined US$48 billion, or 31.5% of the global UHNW giving. Despite having a larger ultra wealthy population than Europe, Asia accounted for only a 12% global share in 2018, with US$18.8 billion in ultra-wealth giving. Asia boasted 80,140 ultra-wealthy individuals, compared to Europe’s 74,300.
Across all the regions, education is the leading cause for ultra-wealthy giving, with almost nine out of every 10 UHNW individuals directing at least part of their philanthropic efforts to this area, according to the report. Other top causes include social services, healthcare and medical research, and arts and culture, with around six in every 10 donors giving to these areas.
This is the fourth edition of Wealth-X’s report on philanthropy. The previous version was released in 2016 and didn’t include the dollar values on how much the ultra-wealthy gave.
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