Second Edition: The Philanthropic Experience of Wealthy People in Italy
Fondo Filantropico Italiano, in collaboration with Finer Finance Explorer, has carried out the second edition of the survey “The Philanthropic Experience of Wealthy People in Italy,” which delves into the philanthropic attitudes of the wealthiest individuals in the country. The research expanded on aspects from the first edition, published in 2022 by Fondazione Italia Sociale, involving nearly 1,400 respondents with financial assets ranging from €500,000 to €10 million.
In the second edition of the research by Fondo Filantropico Italiano on the philanthropic experience of "wealthy people," a low inclination to donate remains in Italy: only 5% of the wealthiest individuals donate more than €100,000. The proactive role of banks and asset managers is on the rise.
While all respondents have donated to at least one organization, donations remain low in relation to wealth: only 5% of those surveyed have donated more than €100,000 to charity. The untapped potential of the wealthiest individuals is even more evident when analyzing the median donation relative to their assets: in no wealth bracket do median donations exceed 1% of financial assets. Donations to organizations focused on international cooperation, healthcare, elderly care, and the environment have increased, while culture and sports are at the bottom (7%).
As for motivations, they are mostly linked to personal and emotional factors. However, the number of those turning to experts, particularly regarding estate planning, writing wills, and smart philanthropy without disrupting their lifestyle, has grown. Compared to their international counterparts, Italians seem less familiar with widely used philanthropic tools abroad. The trust is the most known instrument among Italian donors, but only 45% are familiar with it or intend to use it in the future. Family foundations are more known among individuals with assets between €500,000 and €1 million (75%), mostly used by entrepreneurs (17%). Very few people are aware of Donor-Advised Funds (DAF) or use them.
The research was presented at Deloitte Greenhouse, Milan, on Thursday, June 15, 2023, during the event “Philanthropic Attitudes of Wealthy People in Italy: New Challenges and Opportunities for the Wealth Management Sector.” During two roundtables, important guests from private banking and the business sector discussed philanthropy and the opportunities that wealth management professionals must be ready to seize to contribute to the sector’s future development.
- December 2022