BNP Paribas Wealth Management is now requesting clients contribute a minimum of 1m to invest in philanthropic causes before offering their free bespoke philanthropy advisory service.
The minimum investment level is in response to "exponential" growth in demands for philanthropy services from clients in the past six years, according to its head of individual philanthropy Nathalie Sauvanet.
Sauvanet said the number of clients calling for philanthropy advice doubled between 2008 and 2010, with BNP’s team having served 400 clients since its launch in October 2007.
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Europe tops BNP philanthropy index
BNP’s success comes as many private banks seek to formalise the advice they give around philanthropy to match increasing client requests.
Sauvanet was speaking at the launch of BNP Paribas’ Individual Philanthropy Index which found Europe had the highest index score (51.2) followed by Asia (50.3) and Middle East (33.2). North/Latin America was not included in the study.
The index took into account three main criteria: the amounts given, innovation and the effort devoted by philanthropists to promote their causes.
The study found motivations for giving varied by region.
– In Europe, motivations were family legacy, altruistic desire and a sense of duty
– (17% each).
– In Asia, it was the desire to give back to society (25%).
– In the Middle East, religious faith was the top motivation (63%).
Other interesting findings included:
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By GlobalData– 77% of survey respondents said that they either insist on remaining
– anonymous or do not actively publicize their charity
– 65% of Middle Eastern respondents said focus on social change was a cause for giving.
– 70% of philanthropists under 30 years-old were much more likely to partner with other businesses in their philanthropic endeavours.
The results were based on a survey of more than 300 high net worth individuals, with at least $5 million in assets under management, by Forbes Insights between January and March 2013.
