Mega rich give fortunes to support young entrepreneurs and the underprivileged

Published:  22 Oct at 6 PM
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A recent study has revealed that wealthy philanthropists nowadays are focusing on helping new self-sustaining projects, job creation and the poverty-stricken.

Around 13 per cent of the world’s wealth is held by just 0.003 of its population – the mega-rich millionaires and billionaires who monstly made their fortunes in the heady second half of the last century. However, rather than gifting to museums or universities as in the past, the ultra-wealthy are turning their thoughts to encouraging young entrepreneurs, those working in third world education and those striving to create jobs in the poorest countries on the planet.

The survey, carried out by Wealth-X, revealed that education received 40 per cent of the total annual donations, with women giving some 26 per cent more than men. Those with fortunes of $30 to $50 million donate around $60,000 annually and billionaires give away around $108 million every year.

Mega-rich philanthropists are concentrating on encouraging disadvantaged young people to become entrepreneurs, thus securing their own futures, creating local jobs and giving in turn when they become successful in their fields. For example, millions are being donated to help give a new life to Syrian children in Jordan’s massive refugee camps, with the AMAI project providing caravans equipped by doctors, nurses and teachers.

Although the majority of expats scattered in many popular locations worldwide are not classed as mega-wealthy, many are experienced professionals and are more than happy to volunteer their knowledge and life experience to help those less fortunate. Organised events for local charities are much appreciated by expat communities, and expat volunteer teachers and medical personnel help where they can.
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