PLANNED giving to charity by high net worth individuals is becoming increasingly common, according to Russell Prior, head of philanthropy, HSBC Private Bank.
Speaking at Private Banking World Middle East in Dubai, he said there had been a resurgence in philanthropy for a variety of reasons, including an increasing number of wealthy people across the globe, demographic factors, a trend for lifetime giving, and globalization.
People are more aware of global needs than before and wealth planning has developed better mechanism to help wealthy individuals address these needs, he said.
According to research the majority of people involved in philanthropy (fifty-six percent) do so out of a sense of responsibility, followed by the desire to leave a legacy (twenty percent)
Developing countries have become a greater part of the philanthropic pie, with Russia now encouraging it through tax breaks and China realising its power in the wake of the Sichuan earthquake, which saw large parts of the population wanting to help.