Giving Compass’ Take:
• The New Zealand-based website Stuff reports on the rise of philanthropy in the country, with the donations of high-net worth individuals eclipsing local charities and trusts.
• What can the U.S. (and other countries) learn from the influx of philanthropic dollars circulating in New Zealand? How different is the culture of giving and what can we do to cultivate it?
He describes himself as “an ordinary Joe Bloggs” construction manager, but Phil Carmichael is a philanthropist.
For four years Carmichael has been redirecting a part of his salary to the Acorn community trust in Tauranga, New Zealand, which invests money on his behalf.
The interest from the fund will fund youth programs in the local community of Bethlehem, Tauranga, forever.
Tony Paine, chief executive of Philanthropy New Zealand, says the reach of philanthropy has changed dramatically over the past thirty years.
Rising asset prices in second half of the 20th century have left many with enough wealth to safely leave a legacy for both their children and the community.
New Zealand is also seeing its second generation of mega-philanthropists, high net worth individuals who are willing to put their names to foundations, Paine says.
The last major economic study of philanthropy conducted by Business and Economic Research (BERL) in 2014 put the total amount of donations at $2.788 billion, with individuals giving away more money than the country’s charities and trusts.
Tax records show the number of individuals donating is decreasing, but on average each donors is giving away a lot more.
Read the full article about the growth of philanthropy in New Zealand by Dileepa Fonseka at stuff.co.nz.
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