Wealthy people plan to increase their philanthropy to the levels at which they were giving before the recession, a new survey says.
Forty-eight percent of the ultra-wealthy, or those with $5 million or more in investible assets, plan to give more this year, as do 38 percent of those with $1 million to just under $5 million, and 38 percent of those with $500,000 to just under $1 million, according to the 7th annual Wealth and Values Survey Investors’ Outlook from PNC Wealth Management.
The online survey included 902 interviews completed nationally, plus another 195 in South Florida.
In comparison, 32 percent of the ultra-wealthy plan to cut back their total giving, compared to 42 percent each of the other two groups of wealthy people surveyed.
Sixty-three percent of the highest-asset group feel an obligation to give back financially to their community, compared to 56 percent of those with $1 million to just under $5 million in investible assets, and 52 percent of those with $500,000 to just under $1 million.
That sense of obligation has been consistent over the last five years says PNC Wealth Management, a member of The PNC Financial Services Group.
The survey also found the number of affluent Americans making charitable contributions at the highest levels is rising.
In 2010, for example, 50 percent of wealthy people estimated their giving the previous year exceeded $5,000, compared to 40 percent in 2009, 46 percent in 2008, and 39 percent in 2007.
In 2010, however, 47 percent of wealthy people estimated their giving the previous year was under $5,000, compared to 56 percent in 2009, 50 percent in 2008, and 54 percent in 2007.
“The amount of giving appears to be on the rise,” the survey says.
It also find an increase in the number of ultra-wealthy making very large donations, with 9 percent making donations of $1 million or more in the past year, and $38 percent making donations between $25,000 and $999,999.