Just one in four wealthy Generation Y-ers believe climate change is one of the most important issues facing society, but far more think the wealth disparity is, according to a study of the global rich.
In a study of individuals around the world with individual net worth of above £1.5m, the under-30s showed a distinct pattern of priorities when it came to what they felt were society’s biggest problems compared with the over-45s. Asked to choose which of 13 topics they felt were ‘most important’, 44 per cent of the under-30s said the gap between rich and poor, significantly more than the over-45s.
The other most prevalent priorities for the young wealthy were poor standards of education, corruption and climate change – although just 25 per cent of the under-30s selected climate change as among the options, suggesting that the vast majority do not rank climate change as one of the major issues of our time. Generation X-ers, the over-45s, were slightly less inclined again to rate climate change as one of the most important issues, with one in five identifying it as such.
The survey findings were published in the Future Stars of Philanthropy report produced by Charities Aid Foundation and based on research by the Scorpio Partnership, a wealth consultancy. More than 1,400 people in the UK, US, Canada, Australia, Malaysia and Singapore were surveyed.
The report also suggests that, compared with their older counterparts with similar wealth levels, the under-30s were more generous. The young, CAF says, gave away an average of £6,409 in 2009-2010, as opposed to £4,640 donated by philanthropists in the over-45 age group.
The study also suggested that younger people wanted to be more involved in the cause, and were more inclined to donate as part of giving circles.
Super wealthy engage with digital media
In a separate report released by Scorpio Partnership as part of its series of Futurewealth research the wealth managers find that the world’s richest people use digital technology to obtain, manage and spend their wealth.
This shift in ways of engaging prompted Shayne Nelson, chief executive of Standard Chartered Private Bank, to declare that communicating with the super wealthy effectively via digital means has now become a “hygiene factor”.
The richest of the global sample of more than 4,000 high net worth individuals (HNWIs) own an average of four digital devices and 48 hours a week using them, compared to an already significant 35 hours a week for the marginally less wealthy HNWI.
