A recent study of ultra-high-net-worth donors found that the wealthiest individuals and those under 40 are the most generous in their giving. They also worry a lot about their charitable efforts.
SEI Private Wealth Management and Scorpio Partnership surveyed 275 individuals with average total financial assets of $18 million. Fifty-eight percent were men and 42% women, their average age was 51, and 21% were under 40. Twenty-three percent were entrepreneurs, 52% employees and 13% retired.
The youngest study participants said they gave away 27% of their wealth every year, twice the average, and those with assets of $10 million or more donated 21% of their wealth.
With generosity also comes angst. Fifty-two percent of those in the $10 million-plus bracket said their philanthropy kept them up at night with worries that they were not giving enough to make a difference or that their money was being wasted.
The less wealthy donors did not worry so much about their giving strategy and slept better, as did those older than 60. Female donors, too, got a better night’s rest than their male counterparts.