Two-thirds (64 percent) of millionaires are concerned about economic inequality in America and most prefer to financially support charitable causes over political parties or candidates, according to the PNC Wealth and Values Survey.
Seven in 10 (69 percent) support charitable initiatives focused on poverty and hunger in America, PNC found, and nearly two-thirds (64 percent) support scholarship and other educational opportunities for children of lower income families.
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A majority don’t want public recognition – more would rather give anonymously (52 percent) than with recognition (45 percent).
Political beliefs are at the bottom of the list of what is most important to millionaires, and most do not provide strong financial support to political parties. Only three in 10 (31 percent) have donated to a political party or candidate in the past year.
Among those making political donations, four in 10 (41 percent) give under $500; 21 percent give $500 to $1,000 and 35 percent give more than $1,000.
"These findings show the wealthy realize that our society is better when everyone is in the game and earning – and that economic inequality can have negative consequences," said Thomas P. Melcher, executive vice president and head of Hawthorn, PNC’s family office. "Their commitment to charities focused on poverty and education show they care about the future and want to make an impact with their contributions."
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By GlobalDataOther Findings
Nearly half of the millionaires surveyed are extremely concerned about U.S. military involvement in global conflicts (46 percent) and immigration reform (44 percent). One in three are extremely concerned about business regulations (35 percent) and economic opportunities/job security (33 percent).
- Half (49 percent) support raising the minimum wage, while four in 10 (44 percent) support raising taxes on the top income earners – just slightly more than the number opposing. (41 percent).
- Three in four (74 percent) rank family as, by far, the most important thing in their lives. Other top areas are: financial affairs (49 percent); interests/hobbies (36 percent); and travel (29 percent).
- Two-thirds (66 percent) have encouraged their children to give both time and money to philanthropic organizations.
When it comes to donations, the wealthy have access to donor advised funds so that people can give to charity and for those who have significant amounts to donate, private foundations are a valuable vehicle, Melcher said.
"The affluent client of the future wants more than a transaction – they want an experience and a relationship," he added.
