Wealthy donate £1.6bn to charitable causes

Large-scale philanthropy is on the rebound, according to new research today which suggests that as the rich get richer they also become more generous.

Coutts noted an upward trend in large-scale pilanthropy

The latest edition of the Coutts Million Pound Donors Report, produced in association with the Centre for Philanthropy at the University of Kent, shows the highest number of seven-figure donations recorded since 2008.

Just under 300 donations, each worth £1 million or more, with a total value of £1.56 billion were made to charitable causes or banked in foundations in 2014. The 15 per cent increase in the mean value to £5.3m suggests an upward trend in large-scale philanthropy, royal banker Coutts noted.

As in previous years, higher education and foundations were the main destinations for the donations, together attracting some two-thirds of the total value.

Beth Breeze from the Centre for Philanthropy at the University of Kent said: “It seems clear that donors’ confidence is recovering.”