The top end of philanthropy is showing signs of growth, as a new report has found the number of donations worth £1m or more is on the rise.

Over £1.5bn worth of £1m-plus donations were made in 2008/2009 according to the annual Coutts Million Pound Donors Report. The report, produced by Dr Beth Breeze from the University of Kent and now in its third year, uncovered 201 donations of this size over the 2008/2009 financial year in comparison to 189 in the year previous.

The report comes on the back of report released by the Centre for Charitable Giving and Philanthropy last week which showed family foundations also showing strength over that year despite their own finances taking a hit.

“We appear to be living in an era that is increasingly aware of the presence and value of philanthropy,” said Dr Breeze. “The signs appear to be good for ongoing positive trends towards a greater number of major donations and for the total value of million pound donations to increase.”

London hosted the highest concentration of £1m-donors, while the report also identified Scotland, the North East and Midlands as home to a strong contingent of wealthy donors.

Higher education most popular

Higher education has again proven the most popular destination for these large donations and for the first time, in 2008/2009, surpassed investment in charitable foundations. The report authors have suggested that the government’s matched fund university fundraising scheme, in addition to the fact that such donors appreciate the value of education and the role of universities in solving complex problems which impact on the world at large.