London gives more than £5.5bn in cash donations to charity every year, representing 29 per cent of all private giving in the UK, according to a survey by Cass Business School and City Philanthropy.
The survey’s accompanying report, More to Give: London Millennials Networking for a Better World, claims to be the first ever estimate of London’s cash contribution to charity.
City Philanthropy director Cheryl Chapman, said: “We know that giving networks are well-suited to the city where there is a concentration of businesses, young workers and charities, and where wealth and need exist side by side.
“There is an opportunity to really grow this millennial-led movement and we are calling on London’s businesses to support giving networks as part of their CSR commitment and help them achieve their potential.”
The research reveals the popularity of US style funding networks in London with the potential to generate £20m in charitable funding a year, according to the report.
It also reveals that employees in London are keen to use their business expertise to support charitable causes - with over four-fifths of network members in London saying they wanted to use their skills to make a difference.
Professor Cathy Pharoah, co-director of the Centre for Charitable Giving and Philanthropy at Cass Business School and co-author of the report, said: “Representing 29 per cent of all UK giving, London is more than keeping pace with its contribution to UK GDP at 22 per cent.
"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.”