High-Net-Worth Families Cutting Back on Giving, Study Finds

A new report from private wealth-research firm Prince & Associates suggests that the sputtering economy and financial meltdown on Wall Street are beginning to pinch the affluent, who are responding by cutting back on their charitable giving, Forbes reports.

Full-text article is available via the Philanthropy News Digest, 10.6.08.

Philanthrocapitalism

The term "philanthrocapitalism" is used to describe the newly wealthy's businesslike approach to giving, and is the focus of a recent book by Matthew Bishop, Philanthrocapitalism: How the Rich Can Save the World.

Through interviews with Bill Gates, George Soros, and other major philanthropists, as well as discussions with celebrities and nonprofit leaders, the book explores efforts to solve critical global problems. It points out that so-called philanthrocapitalists may be radically different from donors of the past because they emphasize results and business efficiencies.

Full-text article by Ian Wilhelm is available via the Chronicle of Philanthropy, 10.2.08. [Subscription required.]

33 Philanthropists Share Charitable-Giving Approaches in Study by Penn Philanthropy Center

A sizable percentage of high-net-worth givers do not see themselves as philanthropists even though each gives away about a million dollars or more annually.

That is among the findings of a study by the University of Pennsylvania’s Center for High Impact Philanthropy.

The CHIP study involved structured interviews with 33 anonymous high-net-worth individuals, each capable of giving $1 million annually.

“I’m Not Rockefeller: 33 High Net Worth Philanthropists Discuss Their Approach to Giving” examines how these people approach their charitable giving.

Press release available via Media-Newswire, 9.16.08.

The study’s findings, key themes and implications for the field are available from the Center’s Web site: www.impact.upenn.edu.

In Tough Times, Even the Billionaires Worry

As the economy has soured, Lee Hausner, a psychologist at IFF Advisors Inc., in Irvine, Calif., who works primarily with wealthy families, has noticed rising anxieties about spending.

Full-text article by Christine Haughney is available via the New York Times, 9.10.08.

The Ranks of the Ultrawealthy Grow

About 47,000 people had a net worth of $20 million or more in 2004, the latest available year, according to new estimates by the Internal Revenue Service. While that was up only slightly from 46,000 in 2001, it was up 62% from 29,000 in 1998.

The IRS also reported increases in the number of people with a net worth between $10 million and $20 million: 79,000 people qualified for this group in 2004, up from 77,000 in 2001 and 51,000 in 1998.

Full-text article by Tom Herman is available via the Wall Street Journal, 8.28.08.

10 Things Millionaires Won't Tell You

They may not buy the 99-cent paper towels, but millionaires know what it is to be frugal. About 80 percent say they spend with a middle-class mind-set, according to a 2007 survey of high-net-worth individuals, published by American Express and the Harrison Group.

Full-text article by Daren Fonda is available via SmartMoney, 8.29.08.

Philanthropy Thrives: Queenslanders Give Millions

In tough economic times, state's wealthiest people are proving they have deep pockets as well as impressive bank balances.

Philanthropy is alive and thriving in the Sunshine State as The Sunday Mail Queensland Top 100 Rich List, to be published next week, reveals.

Full-text article by Daryl Passmore is available via The Sunday Mail, 8.24.08.

Giving by the Rich to Remain Strong in 2008

Despite the weak economy, charitable giving by the rich could increase this year compared to 2007.

Full-text article by Robert Frank is available via the Wall Street Journal, 8.20.08.

GAO Finds Health Savings Accounts Used by Wealthy, Not Average Working Americans

A Government Accountability Office brief released on April 30 reports that health savings accounts are used more often as a tax shelter by wealthy individuals rather than as a mechanism to help working families obtain needed health care.

Full-text brief is available via the GAO Office, 5.1.08.

Even rich think they might be too rich

The rich are not like you and me, F. Scott Fitzgerald wrote in The Great Gatsby.

For one thing, they're getting ahead at a quicker pace, according to a new study. Two-thirds surveyed on middle-class attitudes believe that "the rich are getting richer." The authors of Inside the Middle Class: Bad Times Hit the Good Life say their hunch is right.

Full-text article by Andrew Herrmann is available via The Chicago Sun-Times, 4.13.08.

Blogging from the Luxury Summit: Robert Frank Keynote Speech

Blog report from the Luxury Summit at the Four Seasons in Westlake Village, California.

Robert Frank, author of Richistan: A Journey Through the American Wealth Boom and Lives of the New Rich, delivered the keynote address. For the wealthy, Frank says,right now it's not about the money it's about the mood.

Full-text blog post by Deidre Woollard is available via Luxist.com, 4.14.08.

The Isolated Rich

According to Merrill Lynch and Capgemini's 2007 World Wealth Report, the number of people with more than $1 million in assets excluding their primary residence grew by more than 8 percent last year, to 9.5 million worldwide.

A recent Newsweek article by Emly Flynn Vencat and Ginanne Brownell called "Ah, the Seculded Life" discusses how the superrich do not desire to live among the masses. Increasingly they are isloating themselves because of growing security concerns and Internet gossip capable of trashing global reputations.

Full-text article available via Newsweek.com, 12.10.07.