Rich Emiratis donate on average $10.2m to charity
Dubai - Education, health and refugee crisis are top causes they support.
Emirati ultra high-net-worth, or UHNW, philanthropists donate on average $10.2 million per person over the course of their lifetime as super rich across the globe gave away $112 billion in 2014, a new research has revealed.
According to the report by Wealth-X and Arton Capital, UHNW individuals globally donate $112 billion to charity each year, about 18 per cent of total philanthropic giving, which was just over $625 billion. Billionaires are responsible for a large share of this giving, donating $75 billion annually.
Education remains the most popular cause those UHNW individuals donate to, followed by health, but study has found the current refugee crisis is also a top priority.
The report, titled 'Philanthropy Report 2015' found that the Wealth-X and Arton Capital Major Giving Index, which has tracked trends in UHNW charitable giving since 2004, was up 6.4 per cent year on year. The index has hit an all-time high at a level of 234, up 25 per cent since its inception.
Armand Arton, president and CEO, Arton Capital, said the UAE is one of the most prosperous countries on Earth, and makes huge contributions through philanthropic giving.
One in five of the Middle East's super-rich lives in the UAE. The number of ultra high-net-worth individuals - those with net assets of $30 million or more - in the UAE was 1,275 in 2014. They have a combined net worth of $225 billion. Some 495 of them live in Dubai, while 450 reside in Abu Dhabi. Across the Middle East, there are 5,975 of these tycoons, with collective net assets of $995 billion.
"The typical UHNW philanthropist donates $28.7 million in his or her lifetime, and the UAE made a significant contribution to the $112 billion given in 2014."
Globally, philanthropic giving among the world's ultra wealthy totalled $112 billion in 2014, equivalent to the gross domestic product (GDP) of Morocco.
Based on total donations, India has the most generous donors, followed by the UK and Hong Kong. Based on total donations as a percentage of net worth, the United Kingdom has the most generous donors, followed by the United States and Hong Kong.
In 2014, UHNW individuals each contributed, on average, $530,100 in the form of donations and pledges to philanthropy.
Other findings of the study show that America's ultra wealthy women who inherited their wealth give nearly 19 per cent of their fortune to charitable causes, more than any other UHNW donor group. The study said 73.2 per cent of UHNW philanthropists are self made. Some 65 per cent of UHNW individuals donate over $1 million throughout their lifetimes.