• An overwhelming 70 per cent of Islanders have maintained their level of donations to charity and good causes over the last five years, 15 per cent of Isle of Man respondents report increased charitable giving
• Nearly one third (30%) of wealthy Britons report increased charitable giving over the past five years; 17 per cent say the amount they are giving has decreased
• This is a higher increase than the global average of 25 per cent; but wealthy Canadians, Mexicans and Australians give most to charity
• The average amount affluent people in the UK give per year is ?1,800; the highest givers are those with ?20 million or more who give ?34,183 on average
 
Wealthy Britons are giving more and more of their wealth to charity. According to the latest research from Lloyds TSB Private Banking, some 30 per cent of Britons with over ?250,000 in savings and investments reported increased levels of charitable giving over the past five years, compared with only 17 per cent who reported a decline.

Britain’s rate of giving is increasing by more than the average among the countries surveyed, which stands at 25 per cent. The only developed countries with giving increasing at a faster rate than the UK are Canada, where 31 per cent of respondents reported increased levels of giving, and the Channel Islands and the Isle of Man, where 32 per cent of respondents reported increased giving.

The survey found that wealthy individuals in Canada, Mexico and Australia gave the most to charity, while wealthy individuals in Spain, France and Switzerland gave the least. Despite giving increasing at a faster rate than most other countries, for the total amount given, the UK came eighth out of the 11 countries surveyed.

The research found that, as the level of wealth among respondents rose, so did the amount they gave to charity. The average amount being donated per year by wealthy Britons was ?1,800, while the amount given was highest among those with ?20 million or more in assets. People in that income bracket gave an average of ?34,183 a year to charity. The most generous age group were people between the ages of 25 and 34.  16 per cent of respondents in the Isle of Man gave ?500 to?1000 to charity last year, compared to 14 per cent in Jersey and 10 per cent in Guernsey.

Richard Musty, Director, Lloyds TSB International Private Bank, said: “It is a positive sign that charitable giving has been on the rise among affluent Britons for the past five years. This provides much needed support to the charitable sector at a time when donations generally have been in decline as a tough economic environment takes its toll. Despite difficult economic conditions, the Isle of Man seems to have clearly maintained its levels of giving, indicating that philanthropy is still a priority for wealthy Islanders. ”
 
Photo: Richard Musty