Giving from nations' wealthiest hasn't quite recovered from recession
February 13, 2013
A recent study from the Chronicle of Philanthropy reported that while economic conditions are improving for the nonprofit sector, total donations haven't quite yet recovered from the recent recession. Last year, the wealthiest donors in the United States gave $7.4 billion. Although this is a strong number overall, the report found that the median gift was down approximately $25 million from 2007 figures.
That's not the say the study did not yield promising findings. On the contrary, it found that wealthy young Americans are donating more of their fortunes earlier in life.
"Young entrepreneurs are hard-wired for philanthropy," Eric Kessler, a principal at Arabella Advisors, told the Chronicle of Philanthropy. "Our parents started and ran successful companies and said, I'll sell this business and become a philanthropist. This generation is saying, I'm starting a business so I can be a philanthropist now."
The source cites philanthropist couples such as Mark Zuckerberg and his wife, Priscilla Chan, who gave hundreds of millions worth of Facebook stock to nonprofit organizations in California and New Jersey. John and Laura Arnold were also named. While still in their thirties, the couple gave $423.4 million to organizations and their own foundation.
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