Donor Italy Foundation in collaboration with Finer Finance Explorer has made the second edition of the survey “The philanthropic experience of wealthy people in Italy” aimed at analyzing the philanthropic attitudes of the wealthiest people in the country. The research has investigated some aspects of the first edition published in 2022 by Fondazione Italia Sociale involving almost 1400 respondents with financial assets between €500 thousand and €10 million.
The second edition of Fondazione Donor Italia’s research on the philanthropic experience of “wealthy people” confirms the low propensity to donate in our country: only the 5% among the wealthiest donates more than 100 thousand euros. The proactive role of banks and asset managers is growing.
All have donated to at least one organization, but donations remain low relative to assets: only 5% of those interviewed donated more than 100,000 euros to charity. The unexpressed potential of the wealthiest is even more evident if we analyze the median value of donations to assets: for no wealth bracket do the median donations exceed 1% of financial assets. Donations to organizations involved in international cooperation, healthcare assistance and care, the elderly and the environment are on the rise. In last position the culture and sport sector (7%)
As for the motivations that lead to donating, these are mostly linked to the intimate and emotional sphere. However, the number of those who turn to experts is growing, especially in relation to estate planning and will writing and how to do philanthropy in a smart way without altering one’s lifestyle. Compared to their other “rich” colleagues abroad, Italians still do not seem to be in tune with the philanthropic instruments widespread across the Alps. The trust instrument, for example, is the best known of the major Italian donors but only 45% claims to know about it or to be willing to use it in the future. Next, the family foundations, best known among individuals with assets between 500,000 and 1 million euros (75%), used above all by entrepreneurs (17%). Hardly anyone, on the other hand, knows about Donor Advised Funds (DAF) and uses them.
The research was presented at the Deloitte Greenhouse, Milan, on Thursday 15 June 2023 on the occasion of the event “The philanthropic attitudes of wealthy people in Italy. New challenges and opportunities for the wealth management sector”. During the two round tables composed of important guests from the world of private banking and the corporate sector philanthropy and the opportunities that wealth management professionals must be ready to seize to contribute to the future development of the sector were discussed.
READ THE RESEARCH