Great start to the year for educational fundraising in Aus!
On the same day in the first week of February, the Australian National University announced a $50m gift from businessman and ANU alumnus Graham Tuckwell, and the University of Queensland announced a $10.5m gift from alumnus Professor Christopher Chen for a chair in reproductive medicine. Both gifts are from alumni whose principal residence is not in Australia - Tuckwell lives in the Channel Islands, Chen in Singapore. Quite a lot of press coverage, especially for the Tuckwell gift, including this interesting piece in the AFR. Titled 'Why Philanthropists Can't Always Give What they Want', it quotes Harold Mitchell thus: Mitchell tells the AFR he is astounded by the difficulties some
wealthy people face in donating money. “I had one very prominent law
firm tell me they had about 50 of Australia’s wealthiest families who
wanted to donate money – we’re talking millions of dollars – but it was
too hard and there was simply too much bureaucracy. So only three of
those 50 families had been successful in giving away money.”.
Be really interested to know just what difficulties said lawyer encountered.
India Rich List
The Hurun Report, known for their listings of Chinese millionaires and philanthropists, have issued their first India Rich List. The cut off for entry to the listing of 100 billionaires and multi-millionaires was US$ 330m
The list is topped by Mukesh Ambani (55), the energy tycoon who presides over the Reliance Industries Litd, wo is the country's richest man, with his personal fortune assessed at US$19.3 billion.
You can find a press release about the report here And there is a link to download the table of names and amounts at this page, under the heading 'Hurun released India Rich List', click the link that says "see tables".
Feeling wealthy? Meanwhile, in December the ABS told us that Australians were the wealthiest they had been for five years..... and PwC told us that Sydney is the world's second most expensive city, after Tokyo.
That won't help Australia's investment bankers, who according to the AFR are feeling the pressure on their annual bonuses, down by an average of 15%
In the news
And FR&C made its first appearance in the press, when the SMH published this article by Amanda Bryan: "Belevolent Billionaires: why do they do it?", which examines the motivations of wealthy philanthropists and references the list of known Australian donors of $1m or more which we publish on our website.
Forbes magazine followed our example and published its list of 23 billion dollar givers, ie people known to have given away $1bn or more in donations or to their foundations. You can find it here
Credit Suisse have published their Global Wealth Report 2012
The WSJ reports its findings by saying that "for the first time, Asia is the wealthiest region in the world".
Which is really interesting, but suggests that the WSJ journalists haven't been reading their history.
You can read the WSJ's report on the findings here, or search online for the Credit Suisse Global Wealth Report, and download a copy free from their website - sorry we can't provide the link, all their pages are encrypted and won't link to ours.
On the subject of history and Asian wealth, check out these lovely maps from Worldmapper with their visual representation of the last time East and South Asia were the world's richest regions......in 1500.
Australian Giving Trends - signs of recovery from the gloomis a report by John McLeod at JBWere on trends in Australian giving; he suggests a recovery, with an increase in the number of PAFs being established, and giving from PAFs reaching a record $197m.
You can download a copy at the Philanthropy Australia website here
The Australian Financial Review and Westpacthis week published their list ofAustralia's 100 women of influence.
It's the first in what will be an annual awards program. The list includes a small number of noted Australian women philanthropists including Carol Schwartz, Debbie Dadon and Layne Beachley, and you can see the full list here
The week's least surprising news is that 19 of Australia's most expensive suburbs are in Sydney. According to the RP Data Property Pulse, released last week, the population living within the most expensive 25 suburbs accounts for just 0.5 per cent of Australia's population. Point Piper is at the top of the list; all 25 of the top of the list are within a few kilometres of the centre of a major city. There's a copy of the list of the top 25 in the SMH here anda report in Business Spectator here
Earlier this month....
"China's Rich Are Getting Poorer in the New Hurun Rich List"
The Hurun Report has published its 2012 China Rich list - link to the website and article analysing this year's changes here
BRW magazine's Young Rich list for 2012 is out this week. You can access it at the BRW website here if you are a BRW subscriber, and at your newsstand if not.
A lot of the media coverage has focused on Nathan Tinkler's spectacular descent from the high spot, and also extrapolated from the numbers a trend away from resources to technology for the source of future fortunes.
James Thomson, former Rich List editor, focused on some trend-spotting - on his Smart Company website here
Here are links to some of the rest of the media coverage
The print edition of this Young Rich list also celebrates the YRL's 10th anniversary by printing a table of everyone who has ever featured in the list with their wealth estimates from the relevant years, so it's worth getting a copy for your shelf.
Atlantic Philanthropies announcing their priorities for their final years of giving - and noting that last grants in Australia made in 2011
Beth Bandy has launched her guide to prospect research in India: More info here
Hurun Chinese philanthropy list 2012 - Giving is down on previous year but five times the amount recorded in 2004 when the list was started. See the full list on the Hurun website here
Capgemini World Wealth Report 2012 is available on their website here. Numbers of Australian High Net Worth Individuals are down for the first time since 2008/9.
Four Australians feature in Forbes Asia's heroes of philanthropy list Details on the Forbes website here
Giving statistics in Australia and what motivates donations
There's been some rather confusing reporting of the ATO's latest published stats on deductible donations in Australia, and some claims that giving by wealthy Australians is down on previous years which don't take into account the fact that when a PAF is set up, the deduction is received in the year the money goes into the PAF, not when it goes out to the recipient charity
The AFR published this article on the growth in the number of PAFs in Australia, without bothering to say where their stats came from.
Myles McGregor-Lowndes at QUT published theirExamination of tax deductible donations made by individual Australian taxpayers 2009 -10, on the QUT website here
And on the subject of what motivates Australians to give, Edelman's annual global research'goodpurpose' explores consumer attitudes around social purpose, including their commitment to specific societal issues. There's a good summary of their findings on Australians here on the ProBono website
Gonski Report urges new thinking on philanthropy in schools
The report by David Gonski into funding for schools this week recommended the creation of a fund to provide national leadership in philanthropy in schooling, and to support schools in the development of philanthropic partnerships. Read more in Pro Bono Australia's report here
SmartCompany editor and former editor of the BRW Rich 200 James Thomson on the future of the BRW Rich List
Rich Pickings: A wealth of change on the SmartCompany website
"Miners will be told to dig deep" - Carillo Gantner urges wealthy WA miners to invest more in philanthropy
Continuing a bit of a trend for wealthy philanthropic Australians to urge their peers to be more philanthropic, Chair of the Sidney Myer Fund Carillo Gantner told business leaders in WA that the state was lagging behind the rest of the country in developing private philanthropic support for the arts. General Manager of the Perth Festival Julian Donaldson agreed there was scope for much greater giving, saying in this article in the West Australian that "I think in general people are prepared to give, but for too long they haven't been asked."
USA: Chronicle of Philanthropy says Most-Generous Donors Gave More in 2011 but Still Lag Their Pre-Recession Pace
America’s top 50 donors gave a total of $10.4-billion in 2011, up from $3.3-billion the previous year, according to a Chronicle of Philanthropy study. One big bequest boosted the total significantly; excluding that gift, the philanthropists on The Chronicle’s list of the most generous Americans contributed $4.4-billion. Read the article in the Chronicle here
Murdoch family gives $10m to Murdoch Children's Research Institute
Rupert Murdoch on November 7th announced that he and members of the Murdoch family would contribute $10m to the Insitute's new centre at the Royal Children's hospital in Melbourne. News coverage by the Herald Sun here and from The Australian here
The Institute was founded in 1986 with philanthropic support from Rupert's mother Dame Elisabeth Murdoch
Credit Suisse say Australians are among world's wealthiest
AUSTRALIANS are the world's wealthiest people on a median basis and second in the world behind Switzerland on an average basis, according to a new report.
The Credit Suisse report also notes the European sovereign debt crisis is not expected to stop a new generation of millionaires emerging in the next five years, with the greatest wealth growth likely to occur in the booming Asia-Pacific.
There are various websites which bring together lists of both prospect research resources and more general resources links for the sector: one of the good ones is this one at Prospecting for Gold's Uk website
Hurun Rich List for 2011 listing China's wealthy published here - "the leading authority on China's wealthy counts 270 US$ billionaires". You could read it alongside Forbes magazine's article on China's 44 richest people here
Beth Bandy of International Fundraising Intelligence in the US has published her first Country Guide - China: A Guide for Prospect Researchers. Get more information and buy a copy here
There is an old but good overview of resources for prospect research in Asia in a presentation by Krista Slade and Natasha Vasiliou which they kindly published here
Changing face of philanthropy in Asia
There's been a lot of news recently about developments in philanthropy in Asian countries; we'll be devoting more space to this in the near future, and in the meantime this article from The CSR Report summarises a new study by Insead and UBS on Family Philanthropy in Asia
Wealthy Asian dynasties are redefining the way they share their gains with the communities that helped them prosper. A new study by INSEAD and UBS reveals for the first time shifting trends in Asian philanthropy, from obscure donations to progressive strategies.
UK Charities Aid Foundation calls for the wealthy to pledge 1.5% of their income to charity
A UK Giving pledge in which society’s wealthiest members lead an increase in giving by promising to give at least 1.5% of their income to charity has been mooted by John Low, chief executive of the Charities Aid Foundation (CAF).
New research from CAF shows that the wealthiest people give less to charity as a percentage of their income than those less well off, though it reveals the difference is not as great as has oft been quoted.
Analysis from the soon-to-be-published ‘UK Giving 2011’ research annually produced by NCVO and CAF shows that on average those earning under £32k give over 1% of their income to charity, while those on over £52k give just 0.8%.
Resources millionaires are still strongly represented in the BRW Young Rich List for 2011, with mining magnate Nathan Tinkler staying in top position this year after doubling his wealth to $1.3bn since last year. But he's being joined on the list by an increasing number of technology entrepreneurs - several of the 20 new names on this year's list are making their fortunes in a 'new dotcom boom'. To be included in the list, a person must be under 40, and have made their money themselves, not inherited it.
The total wealth of these top 100 is estimated at $7.3 billion. "The young rich have continued to boost their wealth when many others in business have struggled to cope with difficult conditions," BRW Young Rich editor Andrew Heathcote said.
The list is here for BRW subscribers. News coverage of the list can be found at:
BRW also came over all light-hearted and analysed the star signs of the members of the list. You can access that one without a subscription here(Taurus and Saggitarius, if you must know)
And Crikey produced an interesting analysis of the number of women on each of the recent BRW rich lists - just 8 out of 100 on the Young Rich, and 15 out of 200 on this year's Rich 200.
ANU outlines its plans for fundraising
ANU Vice-Chancellor Ian Young has set out goals for the university for the period from now to 2020 which include no less that two $10 million “transformational” donations between now and 2020, as well as increased engagement, including financial engagement with alumni, an increase in endowed funds to $334m and an increase in annual gifts from $9m to $12m.The Australian covers the story here
Atlantic Philanthropies appoints new President
In an expected move, Atlantic Philanthropies announced today that it has chosen Christopher Oechsli, who has been serving as interim leader since June, as the foundation’s new president. It's of interest in Australia of course because of the very generous support that Atlantic has given to a number of Australian organisations. The Chroncile of Philanthropy covers the appointment here
Advice for fundraisers from David Gonski An interesting article in The Age on philanthropy includes extensive comments from David Gonski on the value of peer leadership in encouraging philanthropy, and advice to charities on the expectations of today's donors. He says that ''The giver requires much more, and rightly so. People used to assume the money they gave to an [arts or medical] organisation would be used properly. The new philanthropist is as careful with their giving as they are with how they make their money. You need people who can work out what donors want, work out how they can best donate to your organisation, how you keep them up to date and then make sure you achieve the result you have promised them."
BILLIONAIRE Andrew Forrest has given more than $50 million worth of Fortescue Metals Group shares to various charities, a day after confirming he would step down as chief executive of the Pilbara iron ore mining company. Read the news story here
27 June: The Capgemini/Merrill Lynch World Wealth Report 2011reports that the number of Australians with investable assets worth more than $1 million dollars - excluding primary residence - jumped by 11.1 per cent in 2010. There are now more than 192,000 of them, with a combined wealth of $US582 billion (A$553 billion).
This puts Australia ninth in the world in the report's assessment of numbers of HNWIs by country.
Asia's community of high net wealth individuals (HNWI) overtook Europe for the first time in 2010. Asia-Pacific posted the strongest rate of HNWI population growth in 2010 with 3.3 million now qualifying.
You can find a copy of the 2011 report here and a copy of the 2010 Asia-Pacific World Wealth Report here (the updated Asia-Pacific report is usually released shortly after the main report)
3 June: Australian of the Year Simon Mckeon calls on not-for-profits to invest in fundraising and to "build long term relationships with people who are wealthy and have capacity to give and connect them with the joy of giving".
In a keynote address to the Australian Youth Affairs Coalition's National Youth Sector conference, reported here by ProBono News, philanthropist Mckeon called on not-for-profits to not rely heavily on the corporate sector for income, but to cultivate individuals with the potential to be major donors to the organisation. Sounds good to us!
26 May the 2011 BRW Rich 200, out this week, has a woman at the top of the list for the first time and 27 new entrants to the list. Below is a selection of the media coverage of the new BRW Rich List. Entry level for this year's list is $225 million. (2009 level- $150m, 2010 level - 185m)
The Rich 200 and philanthropy: BRW say that"in an attempt to lift the lid on how much the BRW 200 donate to charitable causes, BRW has completed its biggest ever examination of the issue. The results are alarming. Only 0.2 per cent of their wealth can be traced back to donations....."In the article, Peter Winneke, head of philanthropic services for the Myer Family Company, comments on giving by the wealthy in Australia, a number of Rich Listers talk about their giving, and Dick Smith calls for a "BRW Giving List" which "our wealthy should compete to be on". The article, (non-subscription), can be accessed here
- New kids on the rich block - James Thomson, former editor of the BRW Rich List, on "the ten most interesting debuts" on this year's list - A Rinehart in the rough - James Thomson on the Smart Company website looks at rising and falling fortunes - Glasenberg, Rinehart shake up rich list - Business Spectator 26th May "....The total wealth of the 200 people on the list increased 23 per cent this year to $167.25 billion, largely as a result of Mr Glasneberg and Ms Rinehart" - A page of articles from BRW magazine on this year's list, and the list itself, are here (subscription required) - The Daily Reckoning website asks if this year's list suggests that the resources boom could be topping out - The Ageleads with Glasenberg and lists the top six Victorians on the list Gina Rinehart is also at the top of the Forbes magazine Australian Rich List for 2011
New report from Deloitte The Next Decade In Global Wealth Among Millionaire Households predicts a rise of 132% in number of millionaires in Australia by 2020, also predicting that Australia will see the fastest growth rate of the developed countries. China, Brazil and Russia will continue to be the drivers of growth in emerging markets. See the report summary and rather cute interactive maphere
Chuck Feeney is recruiting Australian philanthropists to raise millions to support local causes. Read the news story here
Higher education philanthropy on the rise in Asia : "Universities around Asia watched with envy as Singapore's Nanyang Technological University received a US$120 million donation from the Lee Foundation early this year - the largest amount from a private donor received by a single institution in Singapore - and when Lei Zhang from China donated US$8,888,888 (eight is a lucky number) to Yale University in the United States" Full story here in University World News
Forbes China has published its latest list of China's top philanthropists. Chinese speakers can find the full list at the Forbes China site; otherwise Forbes US names the top 5 here
"PhilanthropyGrowing Among Asia's Rich" according to the International Financial Centre Review, private banks in Asia are gearing up to service an increasing interest in philanthropy among their wealthy clients. More here
The ATO has released figures on tax claims for individual donations in 2008-9, showing a decline in tax deductions for giving for the first time in ten years. More info on the Philanthropy Australia sitehere
The BRW has named Andrew Forrest as Australia's wealthiest executive in its annual Excecutive Rich List
The annual BRW Executive Rich List names the 200 richest executive directors and senior managers of Australia's 500 biggest publicly listed companies, based on holdings of ordinary shares in the companies they manage.
The wealth of the 200 executives on the list has increased by nearly 75 per cent.
Nearly half of the business managers ran resources or mining companies, supporting the theory of a resources boom-led two-speed economy.
"The prevalence of miners on this year's list demonstrates the changing shape of our share market," BRW said.
"There has been a lot of talk lately about a two-speed economy and this years list supports this."
Mr Forrest topped the overall rich list in 2008 before his wealth was hit by the global financial crisis.
The total wealth of the executives on the list was $35 billion, compared to $20.3 billion a year ago, with 81 of the top 200 involved in resources or mining services.
The cut-off point to make this year's list rose 30 per cent to $12.5 million from 2010, with 55 executives from last year not making it.
James Packer from Crown and Consolidated Media Holdings was third on the latest list, with $3.6 billion.
The US Chronicle of Philanthropy has published The Philanthropy 50 - the 50 Americans who gave the most in 2010. You can see the list here
The new Forbes billionaires list released this week shows a huge rise in Asia-Pacific wealth, with 332 billionaires in the region, up from 234 last year
Forbes' estimate of the 40 wealthiest Australians appears here, and last year's Forbes article on 48 Asia-Pacific heroes of philanthropy is here.
For additional background on private giving in China, see this China Daily article from late last year.
FR&C are discussing international prospect research and major gifts at the upcoming ADAPE NSW/ACT conference in May.
A new report from the Australian Centre for Philanthropy and Non-profit Studies at QUT finds that major gifts are the most under-utilised soure of community support in Australia
View and download the report A Transformational Role:donor and charity perspectives on major giving in Australia here
By way of contrast from the the USA, a Bank of America Merrill Lynch study shows that charitable giving by high-net-worth individuals accounted for two-thirds of individual giving in the US, and about half of all US charitable giving. View the details here
3 Feb 2011
Philanthropist Loti Smorgon continues her support of the National Gallery in their 150th anniversary campaign read more here
10 December 2010
The Christensen Fund and Greenstone Group in collaboration with Rio Tinto have launched their report on philanthropy and indigenous Australia, a worthwhile exchange; a guide to indigenous philanthropy; media release and download linkhere
3 December 2010
America’s Millionaires Rank Highest in Global Philanthropy Study
Forty-one percent of American millionaires consider charity one of their top three spending priorities, a far bigger share than wealthy people in 19 other countries, according to a new survey, 'Global Giving: the Culture of Philanthropy'. The survey of 2,000 millionaires by Barclays Wealth, in London, found substantial differences among the wealthy depending on where they live
7 November 2010
Philanthropist Greg Poche honoured for his contributions to education. Mr Greg Poche AO, is the winner of the Award for Outstanding Philanthropic Support of Higher Education 2010.Read more here on the Flinders University website
6 November 2010 Private giving in China tops $800m, reports the Chines Academy of Social Sciences in the China Dailly
4 November 2010 Macquarie Foundation reflects on 25 Years of Philanthropy Read the article here on the ProBono website
29 October 2010 Reporting on the latest Credit Suisse report on Australian wealth from The Age