Thursday, June 30, 2005
Wealthiest Americans Have Reduced Charitable Contributions 70% Since 1998-2000 Period
Wealthiest Americans Have Reduced Charitable Contributions 70% Since 1998-2000 Period: "Donations Average 6 Percent of Annual Income Knocked Down By Bear Market, Contributions Failed to Rebound With Stock Prices CHICAGO, June 30 /PRNewswire/ -- The wealthiest aren't giving nearly as much these days. Charitable contributions from U.S. households with a net worth of $5 million or more, excluding primary residence, fell 70% from an average of $600,000 for the 3-year period 1998-2000 to $180,000 for the period 2002-2004, according to a new report from Spectrem Group released today. The average contribution for the most recent single year represented 6.1 percent of annual income. The wealthiest segments showed the smallest percentage declines in giving, according to the Spectrem Perspective(TM) report 'Charitable Giving and the Affluent Market.' "