Rich People Say Politics Are Spurring Them to Donate More Money
Rich People Say Politics Are Spurring Them to Donate More Money
(Bloomberg) -- Wealthy people are making bigger donations to charities because of the U.S. political climate.
That’s the finding of a Wells Fargo & Co. study of 525 people with annual household incomes of at least $240,000. Forty percent of respondents said they’re giving more than they did before because of politics, while 7% are giving less for the same reason. Of the donors who identify as Democrats, 54% said they’d increased their contributions in the past year, while 39% of independents and 18% of Republicans had done the same.
“Philanthropy has often times been considered a guardian of values in our society,” Beth Renner, national director of philanthropic services for Wells Fargo Private Bank, said in a statement Wednesday.
Economic factors, such as tax changes, have an impact on donations, and spurred about a quarter of recent giving, according to the results of the survey, conducted from Oct. 7 to 13. Respondents gave an average of $5,400 to non-faith-based organizations in the past year, with a median donation of $2,000.
To contact the reporter on this story: Lananh Nguyen in New York at lnguyen35@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Daniel Taub, Vincent Bielski
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