BNP Paribas has launched a first of its kind Individual Philanthropy Index which measures and reflects the commitment of individual philanthropists from Europe, Asia and the Middle East. The index takes into account three main criteria: the amounts given, innovation and the effort devoted by philanthropists to promote their causes. It is based on a survey of more than 300 High Net Worth Individuals (at least $5 million in assets under management) in those three regions and was conducted by Forbes Insights between January and March 2013.
The BNP Paribas Individual Philanthropy Index is accompanied by a Forbes Insights report, which provides analysis and background, as well as personal stories of some of the world's greatest philanthropists.
Key Findings:
Motivations for giving vary vastly by region, and they are embedded in regional cultures and histories, according to the BNP Paribas Individual Philanthropy Index.
- In Europe, it's equally family legacy, altruistic desire and a sense of duty (17% each).
- In Asia, it's the desire to give back to society (25%).
- In the Middle East, religious faith is the top motivation (63%).
Most philanthropists are very involved while being very discreet.
- 77% of survey respondents said that they either insist on remaining anonymous or do not actively publicize their charity
- A third of all survey respondents say that they give 15% or more of their annual income to charity. 17% intend to leave 30% or more of their fortune to charity.
- The more philanthropists have, the more they give.
Philanthropists under the age of 30 are:
- Much more likely to be motivated by personal experience in choosing area of focus (20%)
- Much less likely to be motivated by religion (17.5%)
- More generous (17.5% give at least 25% of annual income to charity)
- Likely to more actively promote philanthropy (45%)
- More likely to promote causes on social media (82.5%)
About BNP Paribas Wealth Management
(www.wealthmanagement.bnpparibas.com)
BNP Paribas Wealth Management is the world's 7th largest private bank, present in some 30 countries. Over 6,000 professionals, based in every major financial centre, provide a private investor clientele with solutions for optimising and managing their assets. The bank has €277 billion worth of assets under management (as at end March 2013).
Our philanthropic approach
• A tailor-made offering
In addition to our Individual Philanthropy Offering launched in 2007, personal Philanthropy Advisory services and the Fondation de l'Orangerie for Individual Philanthropy, Wealth Management has a role in informing regarding philanthropy itself.
We encourage the sharing of experience and the promotion of philanthropy.
• Raising awareness
We provide a tribute for remarkable initiatives in this domain by creating the BNP Paribas Prize for Individual Philanthropy in 2008, awarded annually.
Through a Strategic Partnership with Chair in Philanthropy, ESSEC Business School, we contribute to the theoretical and applied research to philanthropy and social investment by respecting the standards of academic excellence.
We are also committed to better understanding the giving act, the profiles and the motivations of wealthy philanthropists around the world. We support Research studies on Wealth and Philanthropy since 2009 when we first launched a serial study based on face-to-face interviews with the wealthiest philanthropists in Europe.
Full report available at www.wealthmanagement.bnpparibas.com
About Forbes Insights
Forbes Insights is the strategic research and Thought Leadership practice of Forbes Media, publisher of Forbes magazine and Forbes.com, whose combined media properties reach nearly 50 million business decision makers worldwide on a monthly basis. Taking advantage of a proprietary database of senior-level executives in the Forbes community, Forbes Insights conducts research on a host of topics of interest to C-level executives, senior marketing professionals, small business owners and those who aspire to positions of leadership, as well as providing deep insights into issues and trends surrounding wealth creation and wealth management.