The Rich Feel Strongly About Giving to Improve Society, Study Finds

Title: 2016 U.S. Trust Insights on Wealth and Worth

Organization: U.S. Trust, Bank of America Private Wealth Management

Summary: Most wealthy Americans say they want to contribute to society in a meaningful way, and many believe that institutions outside of the government have the best chance of solving tough social and environmental problems, according to the study, which surveyed people with $3 million or more in investable assets.

With nearly three-quarters giving money to nonprofits and causes and 61 percent volunteering their time, skills, or services to charities, rich individuals are showing their confidence in the nonprofit world.

Among the other findings:

• Almost 50 percent of respondents said they give to charity because it’s the best way to support the causes that matter most to them. Thirty-four percent said they do so out of a belief that wealthy people have a moral obligation to share their good fortune with those who have less.
• Out of a list of 10 causes, respondents said environmental protection and sustainability mattered the most to them. Health-care quality and access took second place, followed by disease prevention and cures, access to education, and assistance for veterans. Advancing and empowering women came last on the list.
• Of those polled, 15 percent said they give back by investing in companies that support positive social and environmental policies and practices, and 14 percent said they founded a company so they could address solutions to social and environmental challenges.
• Nearly two-thirds said they learned the importance of charitable giving through family example.