WEALTHY YOUNG PEOPLE RATE CHANGING THE WORLD ALONGSIDE PROFIT
LONDON– Wealthy young entrepreneurs rate changing the world alongside maximising their profits, according to a new report based on ground-breaking research into the attitudes of the global rich.
More than two out of five (42%) people aged under 30 believe that campaigning for important social issues is at least as important as making profits, compared with 26% of the over 45s according to a survey of wealthy entrepreneurs around the world.
The findings, from global surveys by the Scorpio Partnership, are highlighted in a new report by the Charities Aid Foundation (CAF) which promotes charitable giving and provides financial services and social finance to not-for-profit organisations.
The report found 71% of wealthy people under 30 rate social responsibility as an important influence on their investment decisions, compared with 63% of over 45s.
It also found that 65% of wealthy people under 30s rated charitable activity as an important part of their wealth creation, compared with 58% of over 45s.
Scorpio surveyed people in 98 countries each with an average net worth of more than £1.5m, including the UK, USA, Australia, Canada, Singapore and Malaysia. Scorpio’s ongoing research into the giving motivations and habits of wealthy donors around the world looked at money attitudes of those under 30 and those over 45.
The report, Catalyst for Change, is the second in a series on the attitudes of a new generation of wealthy individuals. Research published by CAF last year found that the next generation of wealthy young philanthropists want to use their money to bridge the gap between rich and poor.
CAF’s latest research includes examples of philanthropists and social entrepreneurs using strategic giving, social investment and new technology to make an impact on the causes they care about.
Paul Rees, Executive Director of the Charities Aid Foundation, said: “Many of the world’s wealthiest young people have a real desire to change the world and make a tangible difference to the causes they care about.
“It’s fantastic when people use their wealth as a force for good. We need a new generation of philanthropists to act as role models and show what can be achieved when you support others and make a real impact.
“In these tough economic times it is more important than ever to back charities and ensure we build a long term culture of giving in Britain.”