The 2012 Bank of America Study of High Net Worth Philanthropy found that average giving as a percentage of household income stayed stable at around 9% between 2009 and 2011. Between 2007 and 2009, that percentage had slipped two percentage points.
The survey polled 700 U.S. households with a net worth of $1 million or more (excluding their primary residence) and/or an annual household income of $200,000. The survey has been released every two years since 2006.
“Philanthropy animates the wealth experience in the way that material acquisitions can’t,” says Claire Costello, philanthropic practice executive for U.S. Trust, Bank of America Private Wealth Management. “There’s an impulse to want to do this and to involve their children in this process” – despite a weak economy.
It’s just not fair.
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