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Friday, 15 November 2013
Affluent Californians Plan to Donate More Than Double the National Average to Charity in 2013
Affluent Californians Plan to Donate More Than Double the National Average to Charity in 2013: BMO Philanthropy Day Report
More than one quarter of high-net worth Californians plan to leave at least twenty percent of their estate to charities
Ninety-two percent are giving the same or more to charity than before the 2008 recession
Religious institutions, health programs and disease research, children's charities and education are among the most the popular causes they are supporting
A new study by BMO Private Bank to mark National Philanthropy Day (November 15) has revealed that high-net worth Californians plan to donate an average of $17,698 to charity this year, more than double the national average among affluent Americans ($8,845).
The study is the third in a series by BMO Private Bank examining trends among high-net worth Americans (those with investible assets of $1 million or more). The study also found:
More than one-quarter of affluent Californians plan to donate at least $10,000 to charity this year.
Ninety-two percent are donating the same (46 percent) or more (46 percent) to charity than they did before the onset of the 2008 recession.
High-net worth Californians plan on leaving, on average, eight percent of their estate to charitable causes.
More than half of affluent Californians are giving to religious institutions (51 percent), just over the national average of forty-nine percent. Other popular causes include health programs and disease research (41 percent), children's charities (39 percent) and education programs (37 percent).
"It's encouraging to see wealthy Californians not only include philanthropy as an important part of their financial planning but also donate such a large amount," said Ron Gong, Managing Director of CTC Consulting | Harris myCFO, a part of BMO Financial Group, in Palo Alto. "This reflects very positively on our state and demonstrates that our affluent citizens take seriously the need to give back to the communities in which they live."