Entrepreneurs Are Among The Most Generous ...

Entrepreneurs are among the most generous donors, giving 25% more on average to charitable causes than other wealthy people, according to a Bank of America report. Very rich people — those with net assets of more than $50 million — gave 10 times as much on average as those with a net worth of between $5 million and $50 million. They gave the most to foundations and other grant-making funds (34.4%), health charities (20.5%), and education groups (14.8%). Education groups, religious organizations, foundations, donor-advised funds, and trusts were the most popular causes supported by all wealthy donors. More than 80% of those surveyed volunteered in some capacity. High-frequency volunteers (volunteered more than 200 hrs./yr.) averaged giving 17% more than other wealthy donors. Nearly 65% of wealthy donors gave to charitable campaigns; 41% stipulated gifts in their wills; and more than 31% contributed stocks. (Chronicle of Philanthropy 12/6/07)