Just 7 per cent of the ultra rich are happy with how much they give to charity, but many would be encouraged to give more with better tax incentives or better information about how their donations are spent, a new survey has found.

Of the ultra high net worth individuals surveyed by JP Morgan Private Bank, three quarters said they gave regularly and a further 21 per cent gave on occasion – but even including these, personal satisfaction with the amount they gave was low among these would-be philanthropists. Half of all donors said they gave at least 5 per cent of their net wealth away.

Somewhat predictably, most of those replying to the survey, the results of which were released yesterday, said they would be prompted to give more if they found they were “passionate about the cause”. But many respondents revealed a more strategic, self-interested side; 44 per cent would give more if they became more wealthy and 30 per cent would be inspired to dig deeper if the tax incentives were improved.

Information and evaluation about the impact of both their specific donation and the work of the charity in general were ranked highly for their ability to encourage the wealthy to give more, with 30 per cent responding that more information about the impact of their gift would inspire them to up their donation and a further 14 per cent saying that having a better understanding about the charity’s impact would be an incentive.

One third of those surveyed by the private bank said that they were motivated to give to their existing beneficiary charities as a result of its effectiveness.

Peer groups evidently hold a significant sway with this group of capable donor, with 29 per cent saying that they made a donation as a result of being asked to by a friend or business associate. The most popular motivations cited, however, were personal connection and passion for the cause.

JP Morgan head of EMEA philanthropy Rebecca Eastmond described the way in which her bank advises philanthropic clients. “Anyone who wants to use the money, energy and time they have set aside for philanthropy effectively, will want to make those resources work as hard as possible.  We would always advise that you agree clear benchmarks that will help you and your delivery partner measure what success will look like. Include both quantitative and qualitative measure and ensure that the quantitative and qualitative measures don’t simply measure activity – for example, the number of vaccines administered – but also measure success – for example, the percentage reduction in illnesses contracted,” she said.

“But remember, evaluation is a tool to help you refine and adapt your grant making. It’s not an end in itself."

The survey was completed by 78 of JP Morgan's 200 ultra high net worth clients, who combined have a net wealth of £6bn.