Via U.S. Top Earner Donations to Charity
April 21, 2016

IRS: 400 Top Earners Gave Avg. $33 Million Each to Charity

Via the Chronicle of Philanthropy:

The 400 taxpayers with the highest incomes in 2013 reported giving an average of $32.8 million to charity. That’s the second highest average in two decades of data provided by the IRS, behind only 2012. …

The only other years when the total has reached more than $10 billion were 2012 and 2007 — before the recession.

Una Osili, director of research at the Lilly Family School of Philanthropy at Indiana University, believes that the jump in charitable contributions from some of the nation’s wealthiest people can be attributed in part to the increasing concentration of income and wealth in the years following the recession. Additionally, the technology industry has altered the life cycle of this wealth, with more money finding its way into the hands of younger individuals.

This younger, wealthier generation seems to be more in tune with the urgency of social problems and how to make investments, Ms. Osili said.

“How they’ve made their fortunes was by thinking of new ways of doing things. So they are applying that same lens to the philanthropic sector,” said Ms. Osili.

Click here to continue reading on the Chronicle of Philanthropy website.