The American wealthy are hands down the most philanthropic in the world. Americans dominate global giving lists and surveys consistently show that the U.S. rich are far more likely to make philanthropy a priority.
But some say they could give more. One recent study found that a large share of people making $200,000 or more give only 2.8 percent of their income to charity. Other studies show that multimillionaires donate only about one percent of their wealth to charity (though billionaires tend to give a higher percentage).
Warren Buffett and Bill Gates launched their Giving Pledge in large part to persuade the super-rich and the non-super-rich alike to give more to charity. As Buffett told me in 2011, "The hope is that our larger population ends up giving a larger proportion of their income to fund philanthropy."
So why don't the rich give more?
Charity's Biggest 2012 Spenders
CNBC's Robert Frank reports who were the nation's most generous donors last year.
A new study of multimillionaires offers some answers. The study, by SEI Private Wealth Management, found that 82 percent of wealthy families believe that having more money means you have a greater obligation to be philanthropic.
But the respondents (worth $10 million or more) listed three main reasons for not giving more. First, nearly half said they needed more confidence "that the level of their wealth would continue to support their lifestyle and their family." Second, they said they would give more if the markets improved.
Finally, a third of those polled said they needed to "find something they could be more passionate about."
The first two reasons aren't all that surprising. If they had more money, the wealthy would give more of it away.
But the third reason is worth noting. While more money helps, it's also important to be motivated by a cause. And if you care enough about a particular problem, you'll be more inclined to sacrifice some of life's comforts to solve it.
Money, in other words, isn't the only driver of philanthropy. It's about the heart as much as the wallet.
You are apparently not aware that invested money is taxed at a lower rate. That encourages investing and, after all, it is money saved after already being taxed. What kind of dope wrote this thing??
I might suggest that they don't know the true rules of prosperity. Generous giving leads to blessings they will never know. They rob God by not paying tithing, they rob themselves as they cannot know the happiness that comes from helping your brothers and sisters get through this life. And you get the Lord's blessings when you do this. He withholds them when you don't. Of course living a good life is most important and keeping the commandments, but we are only on the earth of a brief while. Generosity is a form of eternal insurance. No good deed goes unrewarded.
Their lifestyle!?!?! Weak "cop-out". What they give is only to look good; bragging rights. Guys like Buffet and Gates strongly favor any and all population reductions, that's where their donations and efforts really go. Buffet doesn't hide his support for UN Agenda 21.
They have lost their soul and never heard of tithing and seeding since they don't go to church. They also pay less in taxes, or ZERO like General Electric. They make themselves the center of the universe. They have no God. They create Philanthropy Organizations to boost their image around the world, but it does little to help the masses. It does not have to be about the poor. It can be about the good who go without. It can be about the old, the forgotten. It can be about the abandoned, the orphaned, the ill, and the sick and wounded. You don't even have to leave your own town or the USA.
I always say, "money is in the wrong hands." It's sad. There are so many less fortunate people on this planet. And, what about animals? The movie stars and sports figures....All they care about is having 10 homes in different parts of the country. Blahhhhh!
Yes, if they just had more money, they could donate that new wing to have their name on it. Maybe that new sports arena for the private school they attended.
But many will never have enough money. It is all part of being the entitlement society. They are rich, so they feel entitled to keep what they have. If one has $20 million, life would be so much easier if one has $30 million, and so on.
Many who give do because they are touched by the need. But if one spends time in an isolated bubble among the wealthy, they are not likely to see the true sufferings that go on around them.
One should not force a person to give to charity, but it would beneficial if some of them would get outside their comfort zone once in awhile.
Mitt Romney was criticized for how little he paid in federal taxes, but at least he did donate to charity, even if much of it was through his Church.
Years ago, I read about a champion donator to the underprivileged. Oh, it was not much that she gave each year. It was just that she already had so little, but still gave a lot. That is what donating is all about. And since she had so little to begin with, she didn't give for tax reasons. She gave from her heart.
#4 they don't have to #5 Whats in it for them #5 The poor would only waste it on things like food or medications #6 They don't know any one who's needy or poor, who are these people? #7 Poor people get enough charity from the government already #8 There's too many of these poor people. We need to thin out the heard #9 If i give away my money who is going to take care of my Stock Broker? #10 We just love that lovely little 20 million dollar pent house in London, maybe next year
By Robert Frank
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