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Philanthropy
November 18, 2021
3 mins

Philanthropy and the global economy: Opportunities in a world of transition

November 18, 2021
3 mins
Citi GPS: Global Perspectives & Solutions
SUMMARY

Philanthropy is an important, although not widely understood, contributor to the global economy.


Philanthropy is an important, although not widely understood, contributor to the global economy. We believe the global recovery from the COVID-19 pandemic creates an opportune moment to assess key trends in philanthropy and ask how it can better contribute to a healthy and inclusive world.

To highlight the impact and significance of philanthropy, and contemplate what the future may bring, the Citi GPS team has partnered with our Philanthropic Advisory team and outside philanthropy experts, to author our latest report on the subject - Philanthropy and the Global Economy: Opportunities in a World of Transition.

The notion of philanthropy can stir up controversy for those who think that it is the role of the state to invest and to provide for its citizens, or for others who believe that individual philanthropists can exert too much power and influence through the causes that they support. Yet, it is crucial to understand that public and private funding play different and complementary roles. Many of the world’s greatest challenges can be better overcome by a broader partnership between the public, private and charity sectors.

On narrow definitions, the stock of philanthropy equates to just under 3% of global GDP. However, as we illustrate in this report, in some advanced economies, the fully adjusted value is 10% or even higher. The scale of this impact needs to be recognized more meaningfully, especially within the policymaking world.

Philanthropy is also going through multiple transitions of which the response to the pandemic is only one. We believe that philanthropy can play a much larger role in the green transition and the move to net zero. There will also be material changes in the global supply of philanthropic capital driven by growing wealth in emerging economies. In addition, there are other notable transitions, among the most significant being changing aspirations of younger donors, the growing role of female philanthropists, and, critically, the impact that technology will have on the management and targeting of philanthropy. We review each of these transitions and several more in this report.

We hope you find the report and its insights to be helpful in your philanthropic journey.

Insights

Read some of our insights into the key issues for you and your wealth.

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Insights

Read some of our insights into the key issues for you and your wealth.

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