July 3, 2008
Forbes Magazine Reports that Wealthier Americans are Giving More During These Tough Economic Times
Today, Forbes Magazine reports that wealthier Americans are donating larger sums of money to the nation's charities. See story excerpt below:
The Police Athletic League. The Alzheimer's Association. The Boy Scouts of America. The list of charities and other non-profits that John Catsimatidis supports runs for 57 more names.
This year isn't the best one on record to be sending out 60 checks, even if they are going to worthy causes. The sputtering economy and soaring food prices are just a couple of concerns for a supermarket magnate like Catsimatidis. The Greek-born New Yorker is also planning a run for mayor, which could cost him $100 million.
So is Catsimatidis going to temper his generosity? "I don't have any plans on cutting back," he says. He actually expects to give slightly more this year than he has previously.
Catsimatidis isn't alone. America's wealthiest are upping their contributions to charity, even with the country on the brink of recession. A new survey by the private wealth-research firm Prince & Associates found that six in 10 Americans with net worths over $30 million intend to give more this year than they did last.
And they're following through with their intentions. According to the Center on Philanthropy at Indiana University, big gifts are climbing. Individuals made 267 gifts of more than a million dollars during the first quarter, up 43% from 186 the previous year.
For the full story, click here.
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