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Rich people say politics spurring them to donate more money
[NEW YORK] Wealthy people are making bigger donations to charities because of the US political climate.
That's the finding of a Wells Fargo & Co study of 525 people with annual household incomes of at least US$240,000. Forty percent of respondents said they're giving more than they did before because of politics, while 7 per cent are giving less for the same reason. Of the donors who identify as Democrats, 54 per cent said they'd increased their contributions in the past year, while 39 per cent of independents and 18 per cent of Republicans had done the same.
"Philanthropy has often times been considered a guardian of values in our society," Beth Renner, national director of philanthropic services for Wells Fargo Private Bank, said in a statement Wednesday.
Economic factors, such as tax changes, have an impact on donations, and spurred about a quarter of recent giving, according to the results of the survey, conducted from Oct 7 to 13. Respondents gave an average of US$5,400 to non-faith-based organisations in the past year, with a median donation of US$2,000.