London donating £5.6bn a year to good causes – study
London donates an estimated £5.6bn a year in cash to good causes, a new study has found, accounting for 29 per cent of all private giving in the UK.
The study, commissioned by City Philanthropy and conducted by the Centre for Charitable Giving and Philanthropy (CGAP) at Cass Business School, found trusts and foundations and the general population accounted for 36 per cent of donations each.
More to Give: London Millennials Networking for a Better World found major gifts accounted for 15 per cent of London’s cash contribution, followed by charitable legacies on 7 per cent and companies on 6 per cent.
Professor Cathy Pharoah of CGAP co-authored the report, and said London’s contribution to good causes currently outstrips its 22 per cent contribution to UK GDP.
“But London is also home to many of the UK’s wealthiest people so we need to raise the bar on what we expect, and ensure that the City fulfils its potential as a hotspot for philanthropy,” Pharoah said.