One Percent Wins But Charity Loses
Posted at 8:01 a.m. on Feb. 17, 2014
The nation’s most generous donors made $7.7 billion in philanthropic contributions, 4% more than 2012, according to the Chronicle of Philanthropy’s latest annual report. But this increase is miniscule in comparison with the rise in their personal wealth.
Bloomberg: “This kind of giving has not nearly kept pace with the rise in American billionaires’ wealth over the past decade. The Forbes 400 list, which tracks the richest people in the U.S., had a total net worth of $955 billion in 2003. By 2013, it had more than doubled, to $2 trillion.”
“The country’s non-billionaires are giving their share … Total annual giving by all Americans stands at about $230 billion.”