Ultra-wealthy Emirati philanthropists donate an average $10.2 million each over the course of their lifetime, according to a new report by Wealth-X and Arton Capital.
The report tracks big donators globally. Arton Capital president & CEO Armand Arton said while the UAE made significant contributions it fell short of the global standard.
“The UAE is one of the most prosperous countries on earth, and makes huge contributions through philanthropic giving, but more can always be done to bridge the gap between the world’s richest and poorest,” he said.
“At Arton Capital, we believe that the prosperity of one individual, one company, or one nation is interdependent with the prosperity of others. The typical UHNW philanthropist donates $28.7 million in his or her lifetime, and whilst the UAE makes a significant contribution to the $112 billion given in 2014, this is only 0.7 percent of the [total] net worth.”
Ultra-high net worth individuals (UHNWI) globally donate $112 billion to charity each year, about 18 percent of total philanthropic giving ($625 billion), according to the report. Billionaires account for about $75 billion annually.
The typical UHNW philanthropist donates $28.7 million in his or her lifetime, while all UHNW individuals donate an average of $1 million in their lifetime. Last year, they contributed an average $530,100.
Education remains the most popular cause, followed by health, although the current refugee crisis also has become a top priority, the report found.
Based on total donations, India has the most generous donors, followed by the UK and Hong Kong, according to the report.
Based on total donations as a percentage of net worth, the UK has the most generous donors, followed by the US and Hong Kong.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.