Fourth Annual Index of Global Philanthropy and Remittances Shows Private Philanthropy, Remittances Provide Lifeline to Developing Countries During Recession

The most comprehensive measurement of global private giving, this year's Index shows that philanthropy from all developed to developing countries increased to $49 billion in 2007 (latest available data). Despite the loss of assets in 2008, giving abroad by foundations, corporations, charities, churches, and individuals is not expected to take a sharp downward turn in 2009, according to Index analysis. Remittances—money sent from migrants living in developed countries back to their families and towns in the developing world—may be the most recession- resilient means to help alleviate poverty in underdeveloped countries. This $145 billion sent back home exceeds government aid from developed countries, which totals $103.5 billion. Even with the economic downturn, remittances grew 9 percent in 2008 and are expected to decline by less than 10 percent in 2009.