Private philanthropy from developed countries to developing ones totaled $49 billion in 2007, and remittances may help plug the gap should the recession dampen giving, a new study says.
Last year, which saw the beginning of the economic downturn, money sent by migrants to their families in developing countries grew by nine percent to a total of $145 billion, says the 2009 Global Index of Philanthropy and Remittances, published by the Hudson Institute.
That’s more than the $103 billion provided in official government aid, and the index projects remittances will drop by less than 10 percent this year.
In the U.S. alone, private philanthropy directed to developing countries totaled $36.9 billion in 2007, a number than balloons to $115.9 billion when including remittances.
That dwarfs U.S. government aid to developing countries, which totaled $21.8 billion.
Africa received the largest share of donations made by corporations and charities, while Latin America received the majority of donations made by religious congregations.
The index includes giving by U.S. foundations, corporations, private and voluntary groups, volunteers, colleges and universities and religious congregations.