There are 3 reasons why the rich don’t give more?
A new study of multi-millionaires provides some insights. A study, by SEI Private Wealth Management, reports that 82 percent of wealthy families believe that having more money means you have a greater obligation to be philanthropic. However, those survey with a net worth over $10 million listed three main reasons for not giving more.
First, nearly half said they needed more confidence “that the level of their wealth would continue to support their lifestyle and their family.”
Second, they said they would give more if the markets improved.
Finally, a third of those polled said they needed to “find something they could be more passionate about.”
With an improving stock market and a recovering economy there could be greater opportunities for organizations to connect with affluent donors who believe in your mission and work.