Outlining segments like “bequeathers” and “dynasts,” a new report seeks to understand more about the giving practices, behaviors and motivations of the wealthiest 3.1 percent of the nation’s households.
Conducted by Bank of America and the Center on Philanthropy at Indiana University, the study identifies and describes 12 types of wealthy donors, defined as those with net worth of $1 million or income of more than $200,000 a year.
The report is a detailed follow-up to an earlier study of high net-worth philanthropy, published in 2006.
Segments of wealthy donors profiled in the study include:
* Very wealthy: Net worth of $50 million or more
* Bequeather: Include provision in will to leave 25 percent or more to charity
* Devout donor: Attend religious services at least weekly and donate to religious causes
* Secular donor: Do not attend religious services or give to religious causes
* Entrepreneur: 50 percent or more of net worth in entrepreneurial assets
* Dynast: Give their children money to be donated to charity
* Metropolitan: Primary residence in a city of 500,000 or more
* High frequency volunteer: Volunteer more than 200 hours a year
* Strategic donor: Create foundations or donor-advised funds and give to only a few subsectors
* Transactional donor: Give to many subsectors but have not created a foundation or donor-advised fund
* Altruistic donor: Motivated by a sense of obligation to give back or help society, but “would not give more to charity if they received a better return on their financial investments”
* Financially pragmatic donor: Concerned about their investment returns and financial security