How Nonprofits Can Make The Super Rich Work For Them
Understanding the different giving habits of Boomers, Gen-Xers, and Millennials.
Individuals gave nearly $282 billion of the total $390 billion awarded to charities last year. The lion’s share was from high net worth individuals, an estimated 91% of whom donate an average of more than $25,000 a piece to charity each year. But these wealthy donors have sharp contrasts: Boomers, gen-Xers, and millennials are all prioritizing how they give a little differently.
Because nonprofits are so dependent on these wealthy donors for their continued operation, it might behoove them to know what they’re thinking. A recent report about the values and giving practices of high and ultra-high net worth adults–people with at least $1 million in liquid financial assets–by U.S. Trust, Bank of America’s private wealth management group, provides some answers. ...