The rich are getting richer - which is good news for charitable giving
A record number of billionaires has seen a record amount given to philanthropy according to figures released by The Sunday Times.
The UK’s wealthiest people gave away a record £3.2bn to charitable causes in the last 12-months, according to the Times’ annual Giving List – an increase of 20% on last year.
The list will be published alongside the Rich List on Sunday (7 May) and shows that while the rich get richer, charity giving is increasing.
In total 260 philanthropists are named in the 2017 Rich List.
It reveals that Jamie Cooper, former wife of hedge fund manager Sir Chris Hohn, has topped the Giving List for the first time, giving away over 60% of her personal fortune to charity.
She donated £205m of her personal fortune to health, climate change and nutrition causes.
Steve Morgan, founder of construction firm Redrow, made the single biggest donation to charity after giving £226m worth of shares in his company to his own Morgan Foundation.
And, the list reveals, Labour peer Lord Sainsbury did not top The Giving List - the first time in four years.
Sainsbury and his family came second in the 2016 Giving List, donating £196.3m to education, arts and humanitarian causes, around 35.5% of his total worth.
Joanna Walker, head of private clients at the Charities Aid Foundation, said the 20% increase in total donations echoed what CAF had been seeing over many years.
“This year’s Giving List echoes our experience at CAF over many years. Major donors are making a huge contribution to charities and achieving amazing things. Their importance cannot be overstated.
“We know that people in the UK are among the most generous in the world when it comes to charitable giving, and this is true of people from all walks of life.
“The huge contribution of Britain’s philanthropists makes it possible for charities to do vital work which has a lasting impact improving lives. So it is fantastic to see that those with the greatest means are becoming ever-more generous in their support for good causes.”
Mike Smith, head of external affairs at the Institute of Fundraising, said: “This is welcome news that some of the richest people are choosing to give even more to the causes they support. I am sure that charities and major donor fundraisers will be taking note.
"It goes to show that no matter how much you have, making a difference by supporting a charity is a great thing to do and something that we all benefit from.”
