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Making an impact: how philanthropy is evolving in the private client space
The International Family Offices Journal
Vol. 3 - Iss. 2 pp. 46–52
Dec 2018
Kevin O'Connell, from SGG group, has put together a comprehensive study of the trends in private philanthropy. Of particular interest is the description of the differences in various geographic areas. The report on the Gulf region begins with the acknowledgement that the ?culture of giving is deeply ingrained in the Middle East, and Zakat (?that which purifies') is a religious obligation for those who meet a certain criteria of wealth. Based on income and the value of all of a person's possessions, it normally represents 2.5% of a Muslim's total wealth and savings over and above a specific threshold?. In Asia the millennials have been changing philanthropy: ?A new approach is being driven by younger UHNWIs in parts of the region, who are moving away from the cheque-writing style of the past generation and towards a ?profits with purpose' form of investing, while there is potential for the growth of philanthropic support mechanisms for private clients in the region overall.? The article continues with a description of private philanthropy in Europe and in the United States, including the popularity of donor-advised funds. The conclusion is that, overall, ?we can anticipate a much more innovative and business-like approach to philanthropy at global level than seen in the past?.