Donations by Scottish billionaire cut due to recession

Published on Friday 24 April 2009 22:07

SIR Tom Hunter, Scotland's first "home-grown billionaire," gave almost £1 million every month to charity in 2007-8.

The accounts of the Hunter Foundation, published yesterday, revealed that it invested 11.8 million in good causes.

However, the foundation has warned that Sir Tom's donations will have dropped in 2008-9 as a result of the recession – during which he is believed to have lost around 300 million.

Sir Tom has also requested that he is removed from the Sunday Times rich list because he thinks it is "fraudulent" for him to be put on it.

His spokesman, Ewan Hunter – no relation – explained that is because Sir Tom "is committed, once the family is taken care of, to commit his wealth to the common good".

But as a result Sir Tom has also been removed from the Giving Index – the UK's biggest contributors to charity – even though he is probably Scotland's most generous donor.

His donations in 2007-8 included a 500,000 grant to the Mandela Rhodes Foundation (one of Nelson Mandela's foundations) to fund leadership development for African young people in perpetuity.

A grant also went to Mohammed Yunus's Foundation in Bangladesh which helps pay for 500 children to go to secondary school every year.

In Scotland, his donations were aimed at young people. This included joint funding with the Scottish Government of various programmes in Determined to Succeed. He also gave more than 100,000 each to Cash for Kids and Children in Need.

Despite the downturn in 2008-9, Sir Tom still hopes to end up giving 1 billion of his wealth to good causes, according to his spokesman.

First Minister Alex Salmond yesterday praised the efforts of one of Scotland's leading businessmen.

A spokesman for Mr Salmond said: "Sir Tom is an outstanding Scot. He is clearly one of Scotland's foremost benefactors and entrepreneurs. That reflects not just in the contributions he makes to Scotland but also internationally."