Public Donations in the UK Overcome the $10 Billion Donations of the 1% Richest

New research has revealed that the top 1% of the UK’s wealthiest individuals contributed nearly $10 billion to charitable causes in 2023. Despite their immense financial capacity, this sum represented only 0.4% of their combined $2.5 trillion in investable assets, according to the High Value Giving report from the Charities Aid Foundation (CAF).

In contrast, CAF’s UK Giving report indicated that the wider public donated approximately $17.5 billion—1.6% of their annual income—highlighting a significant difference in giving patterns between high net-worth individuals and the general population.

The High Value Giving report, produced by CAF in partnership with Altrata, analyzed data from 3,000 affluent individuals and projected trends across the UK’s wealthiest, defined as those with investable assets of at least $1.2 million.

The study found that the most generous high net-worth donors were, on average, 63 years old and more than twice as likely to have inherited their fortunes. Additionally, women accounted for 29% of the top givers, a notable contrast to their 19% representation within the high net-worth population.

Philanthropic preferences also varied sharply from those of the general public. Six out of ten wealthy donors prioritized education, making it their most popular cause. Meanwhile, only 4% of the broader public supported education, with animal welfare emerging as their top choice at 28%. Similarly, 26% of affluent donors contributed to arts and culture, compared to just 3% of the wider public.

The report suggested that if each of the UK’s 536,673 millionaires contributed just 1% of their investable assets, the total raised for charitable causes could increase by $15 billion, bringing high net-worth donations to an estimated $25.1 billion annually.

Edward Garrett, CAF’s head of private clients, noted that the UK has a long-standing tradition of philanthropy, which has supported crucial innovations and charitable services. However, he observed that skepticism about large-scale giving remains more prevalent in the UK than in other countries. Garrett emphasized the growing trend among younger donors to view philanthropy as part of a broader impact-driven investment strategy. He also encouraged government action to foster a stronger giving culture, with professional advisers and wealthy donors playing a key leadership role.

Reacting to the findings, Erwin Hieltjes-Rigamonti, associate director at the think tank NPC, praised the report for highlighting high-value philanthropic efforts but urged the wealthy to do more. He stressed that many charities currently face financial struggles and argued that affluent donors should match the generosity demonstrated by the broader public.

Hieltjes-Rigamonti emphasized that the impact economy—which encompasses philanthropy, social enterprises, and impact investing—has immense potential for growth. He called on the wealthiest individuals to use their resources to drive meaningful change and support initiatives that deliver the most significant impact.

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