Anand Giridharadas dubbed the 2019 World Economic Forum held inDavos, Switzerland “a family reunion for the people who broke the world”.Fears were expressed at Davos 2019 about rising inequality. As KlausSchwab stated, “Globalisation produces winners and losers and there aremany more winners in the last 24, 25, 30 years – but now we have to lookafter the losers, those who have been left behind.”
In the third event of the 2019 Philanthropy Programme series, an expert panel will discuss the perception of philanthropic giving and social impact investment as potential solutions to income inequality; including exploring improving tax reliefs as a means for increasing giving. In the past 10 years, financial crisis increased social inequality and the attention around how wealthy people give back or invest in philanthropy hasincreased.
At the same time, giving by ultra high-net-worth individuals(UHNWI) over this period has stagnated. Among the UK’s millionairepopulation, the median annual amount given is just £240-£500. In fact, only5% of the UK’s 360,000 millionaires give at a level that could be consideredgenerous. Of the £10.3 billion given last year in the UK, less than £2 billionof that total was made up of regular annual donations made by UHNWI.
Professional advisors are an important channel to reaching wealthyindividuals across the UK and to encourage them to consider giving orinvesting money socially. They are typically the first port of call for wealthyindividuals as they accumulate and decumulate wealth throughout theirlives. Professional advisors represent a significant opportunity to extend theawareness and use of reliefs and consequently boost charitable giving among their clients.
Besides, giving philanthropy advice is good for the adviser’s business. It aligns advisors with their client’s core interests, deepens relationships, attracts client interest, and addresses shifting values of the next generation and the growing role of women in wealth. The majority of advisors in the UK currently do not provide advice to their clients on philanthropy. Solutions explored by this event's panel include simplification and innovation; it is essential for all professional advisors, philanthropists, and individuals interested in understanding public policy in this area, the latest trends and changes affecting philanthropic giving.
Chair Jake Hayman, CEO, Ten Years’ Time
Panel Natasha Müller, Philanthropist and Impact Investor
Simon Weil, Partner, BDB Pitmans LLP
Gavin Oldham, Chair and Founder, The Share Foundation