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The UK’s richest individuals give a smaller proportion of their wealth to charity than the common particular person, in keeping with new figures.
It comes as analysis discovered British millionaires donating simply 1% may enhance the sector by £12 billion.
The sum might be raised if every of the UK’s estimated 536,673 millionaires – often called excessive web value people – had been to donate 1% of their investable property, the Charities Help Basis (CAF) mentioned.
Their analysis prompt this group gave the equal of 0.4% of their mixed investable property – value £2 trillion total – in 2023.
This equated to an estimated £7.96 billion.
In the meantime, the broader UK public donated an estimated £13.9 billion to good causes in the identical 12 months, equating to 1.6% of their revenue.
CAF mentioned its report additionally reveals that the UK’s wealthiest individuals are likely to assist “considerably completely different” causes to these supported by the remainder of the general public.
The UK’s hottest trigger was animal welfare, with 28% of most of the people donating.
Schooling was the most well-liked trigger for rich donors, supported by six in 10 high-net-worth people in comparison with 4% of the remainder of the inhabitants.
Arts and tradition was supported by simply over 1 / 4 (26%) of millionaires who donated, in comparison with 3% of most of the people.
Edward Garrett, from CAF mentioned: “The UK has a powerful historical past of philanthropy, which has been behind a few of our most essential improvements and funds essential charitable providers all through our nation.
“However there may be cynicism in the direction of philanthropy within the UK, maybe extra so than different international locations.
“There may be appreciable untapped potential for philanthropy to contribute in the direction of tackling native, nationwide and world challenges.
“Donors, significantly among the many subsequent technology, are more and more contemplating their giving as a part of the spectrum of capital they’ll make investments inside the broader affect financial system.
“The Authorities can take steps to harness this and renew Britain’s tradition of giving to strengthen civil society for the long run, with high-net-worth people {and professional} advisers taking part in a number one position.”
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