'India Has Highest Percentage Of HNWIs Wanting To Give Back To Society'
Super-rich people in Western nations like Italy (66 percent), Germany (63.4 percent), the UK (60.2 per cent) and the U.S. (56 percent) also show propensity to drive social impact.
HNWIs are those who have at least $1 million in investable wealth.
Globally, a vast majority (92 percent) of HNWIs feel that investing their time, money or expertise to make a positive social impact is important to them, with 61 percent describing it as very or extremely important.
HNWIs are looking to firms to play a greater role in supporting their social impact objectives, the report said.
The report further said more HNWIs between $10 million and $20 million rate it as extremely or very important (74.3 percent), compared to those with between $5 million and $10 million (68.5 percent) and those with more than $20 million (62.0 percent).
Health, education, and children's causes are top priorities for HNWIs. About one-third of HNWIs currently allocate resources toward each.
Health, witnessed higher allocations from HNWIs who were over 60 years of compared to their younger counterparts who are under 40.
Education emerged as the second most important priority for HNWIs overall. In particular, 35.3 per cent of those over 60 deemed education as a top priority.
The welfare of older people also attracts a significant amount of HNWI attention, with 23.9 per cent allocating resources toward it, making it fourth on the list of causes. Age also plays a strong role in the desire of HNWIs to strive for social good.
While 75 percent of those who are under 40 cite driving social impact as either extremely important or very important, the tendency declines about 10 per cent with each age segment, reaching a low of 45.4 per cent for those 60 and older.
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