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Forbes%20Insights<%2Fa>%20announced%20the%20findings%20of%20a%20new%20study,%20Next%20Generation%20Philanthropy%3A%20Changing%20the%20World<%2Fa>,%20sponsored%20by%20Credit%20Suisse%20Group<%2Fa>,%20as%20part%20of%20the%20Forbes%20400%20Summit%20on%20Philanthropy<%2Fa>.%20This%20summer,%20in%20an%20unprecedented%20gathering%20of%20wealth%20and%20international%20philanthropy,%20Forbes<%2Fem><%2Fa>%20brought%20together%20150%20billionaires%20and%20near-billionaires,%20including%20keynote%20speakers%20Bill%20Gates,%20Warren%20Buffett%20and%20Oprah%20Winfrey,%20for%20a%20private%20discussion%20of%20ways%20to%20help%20solve%20the%20world's%20most%20intractable%20problems.%20The%20peer%20exchange,%20which%20focused%20on%20greater%20collaboration,%20sharing%20of%20best%20practices%20and%20up-front%20education,%20helped%20advance%20the%20conversation%20around%20philanthropy%20on%20a%20global%20level.%0D%0A%0D%0Ahttps%3A%2F%2Fwww.nonprofitpro.com%2Farticle%2Fnext-generation-philanthropy-changing-world-study-released%2F" target="_blank" class="email" data-post-id="5380" type="icon_link">
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Additional findings of the Forbes Insights study included:
- Motivation to give comes from the heart. 70 percent of respondents in the survey say that they are driven by personal values, while 36 percent say faith, 35 percent a sense of obligation or duty, 32 percent family legacy and 31 percent a desire to add value to society at large.
- Among the top areas for philanthropists that respondents say they consider are the organizational structure of giving, collaborations, vehicles of funding, measuring success and passing on the torch to the next generation.
- Family foundations are more important as asset levels grow. 59 percent of those with investable assets of $50 million or more have established a philanthropic entity. The majority would like to see this entity be continued by their descendants.
- Today's philanthropists are creating the base for the next generation of philanthropists. 59 percent of the respondents believe they are setting an important example for future generations, and 42 percent have developed a succession plan for future generations.
- Measuring philanthropic impact is a work in progress. With nearly half of respondents (44 percent) having a time horizon of less than 10 years to see a return on their philanthropic investments, new ways to track projects are necessary. Indeed, 62 percent of survey respondents use some form of tracking, such as Impact Reporting & Investment Standards (IRIS) and the Global Impact Investing Ratings System (GIIRS).
- Social media takes hold as part of a philanthropic strategy, but is not a substitute for personal time and commitment. Facebook (37 percent), Twitter (24 percent) and YouTube (23 percent) were the top three social media platforms utilized by survey respondents. All of Forbes Insights' interviewees, however, indicated social media could only highlight a cause. Seeing a project through to the end requires a significant amount of time and commitment, in addition to publicity.
The study surveyed 264 high net worth individuals across the globe, including the U.S., China, Japan, India and the U.K. Forty-six percent of the respondents had net investable assets of $4.9 million or less; 34 percent of the respondents had net investable assets of $5 million to $19.9 million; and the remaining respondents reported net investable assets of $20 million or more.
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