Almost 70% of the highest earners have no intention of leaving any of their money to good causes

Most of the country’s highest earners will not pass anything onto charity when they die – despite some of them having vast wealth.

Research looking at the legacy plans of the wealthy, including business owners, shows that almost 70% of them have no intention of leaving any of their cash to good causes.

Investment management company Rathbones surveyed a sample of 1,035 high-net-worth individuals, defined as people with more than £250,000 in investable assets, throughout the UK.

Only 32% said they would “make/continue to make financial gift(s) to charity or establish a legacy or foundation”, while 36% said they would “make/continue making financial gifts to loved ones” and 32% said their funds would go into a trust for their loved ones.

Despite their wealth, the survey showed that the cost of living crisis has resulted in half of all respondents saying they had concerns about their charitable donations over the next 12 months.

However, it was found that “one-third have been regularly supporting charitable organisations throughout the cost of living crisis”.

Emma Watson, head of financial planning at Rathbones Group, said: “The cost of living crisis has tightened purse strings across the board, but it is encouraging to see a continued commitment to charitable giving, particularly at a time when charities need financial support more than ever.