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November 04, 2014

Number of Seven-Figure Gifts in Britain Jumps 50%

Britain saw 292 donations of ₤1-million ($1.6-million) or more in 2013, a 50-percent increase from the previous year, Third Sector reports. The gifts from 166 donors totaled about $2.2-billion, a 1-percent gain from 2012, with the size of the average gift lagging compared to recent years, according to the seventh annual "Million Pound Donors Report" by the University of Kent and private bank Coutts.

A growing number of first-time donors, who tend to give in the lower seven figures, accounts for the drop in donation amounts, the report says. Higher education was the primary beneficiary, accounting for 41 percent of major gifts. Report author Beth Breeze, of the University of Kent's Center for Philanthropy, said the figures mark "a new stage in UK philanthropy, when giving a million becomes the new normal for those that have the capacity to give at the highest level."