Four in five high-net-worth individuals in the United States, Asia, Europe, and the Middle East see an "urgent" or "extremely urgent" need for philanthropic giving worldwide, a report from PNB Paribas Wealth Management and Forbes Insights finds.
Based on a survey of more than four hundred high-net-worth individuals, the 2014 PNB Paribas Individual Philanthropy Index (32 pages, PDF) found that 56 percent of respondents viewed the need for philanthropy as "extremely urgent" — including 64 percent of those in the U.S. and 61 percent in the Middle East — while 23 percent viewed it as "urgent."
Interestingly, the survey also found that U.S. respondents considered health to be the most urgent global issue in need of funding, while respondents in Asia, Europe, and the Middle East cited the environment as most important.
When asked specifically about needs in their own countries, 67 percent of U.S. respondents said the need for philanthropy was "extremely urgent". However, it appears that Americans have a much shorter time frame when it comes to seeing the results of their philanthropy. Most Americans (of high net worth) were willing to wait only ten years to get results, while donors in the Middle East reported that they are willing to wait twenty five years.
"BNP Paribas Wealth Management Publishes BNP Paribas Individual Philanthropy Index by Forbes Insights, Measuring the Commitment of Philanthropists in Europe, Asia, the United States and the Middle East."
There are many ways to approach philanthropic giving. An estate plan incorporating a Charitable Remainder Trust is only one mechanism. If you would like more information about ways to have charitable giving become a part of your legacy, contact me.
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