Emirati ultra-high net worth (UHNW) philanthropists donate on average of $10.2 million per person over the course of their lifetime, according to a new report by Wealth-X and Arton Capital.
 
UHNW individuals globally donate $112 billion to charity each year, about 18 per cent of total philanthropic giving, which was just over $625 billion, it said.

Billionaires are responsible for a large share of this giving, donating $75 billion annually. Education remains the most popular cause those UHNW individuals donate to, followed by health, but study has found the current refugee crisis is also a top priority.

The report, titled ‘Philanthropy Report 2015’ found that The Wealth-X and Arton Capital Major Giving Index, which has tracked trends in UHNW charitable giving since 2004, was up 6.4 per cent year-over-year. The index has hit an all-time high at a level of 234, up 25 per cent since its inception.

Armand Arton, president and CEO, Arton Capital, said: “The UAE is one of the most prosperous countries on earth, and makes huge contributions through philanthropic giving, but more can always be done to bridge the gap between the world’s richest and poorest.

“At Arton Capital, we believe that the prosperity of one individual, one company, or one nation is interdependent with the prosperity of others. The typical UHNW philanthropist donates $28.7 million in his or her lifetime, and whilst the UAE makes a significant contribution to the $112 billion given in 2014, this is only 0.7 per cent of the percentage net worth.”

Wealth-X records more than 211,000 UHNW individuals globally with at least $30 million in net assets.

Some other highlights from the report:
•    UHNW individuals each contributed, on average, $530,100 last year in the form of donations and pledges to philanthropy.
•    America’s ultra wealthy women who inherited their wealth give nearly 19 per cent of their fortune to charitable causes, more than any other UHNW donor group.
•    73.2 per cent of UHNW philanthropists are self-made.
•    65 per cent of UHNW individuals donate over $1 million throughout their lifetimes.
•    Based on total donations, India has the most generous donors, followed by the United Kingdom and Hong Kong.
•    Based on total donations as a percentage of net worth, the United Kingdom has the most generous donors, followed by the United States and Hong Kong.