Rich Africans are willing to part with their cash‚ as long as it’s for a good cause

Rich Africans are willing to part with their cash‚ as long as it’s for a good cause.
Rich Africans are willing to part with their cash‚ as long as it’s for a good cause.
Image: 123RF/Borislav Marinic

Wealthy Africans are striving to support those who are less fortunate through philanthropy – but they have very specific things they are willing to fund.

According to the 2018 Wealth Report‚ published by Standard Bank Wealth and Investment’s global property consulting partner‚ Knight Frank‚ wealthier families are concerned about the world they live in and they want to make a difference.

The unemployment rate in Africa is high. From a South African perspective‚ 26.7% of the population is unemployed‚ according to Statistics South Africa.

Head of Cape Regions and Philanthropy at Standard Bank‚ Philip Faure‚ said that the need for jobs was the most pressing matter in Africa.

Faure says that wealthy Africans have shown a desire in giving more money towards training and creating jobs - which can only be a good thing for the continent.

“Wealthy Africans have the desire to give more towards training and job creation‚” he said.

The report also backs up Faure's statement. If found that 30% of a survey’s participants selecting training and job creation as philanthropic causes and 58% responded by selecting education.

This data shows that wealthy Africans are willing to part with their own money for these causes.

Philanthropy is still not fully developed in Africa‚ however the recent report reflected that 70% of its respondents expect philanthropic activities to increase in the continent. But measures had to be put in place to make this happen.

“Trusted experts with a deep understanding of Africa need to assist investors and families by setting up the most appropriate structures to maximise outcomes and optimally formalise the giving process‚” said Faure.

According to Resourcing Philanthrophy‚ a web-based platform that shares information about philanthropists in South Africa‚ philanthropy was increasing in the country.

“The growth in the field of philanthropy is reflected in increasing media coverage‚ more financial institutions offering philanthropy-focused services‚ increased uptake in the number of consulting firms providing philanthropy advice and the number of private trusts developing a more public profile‚” the platform said.

Resourcing Philantrophy’s website also shows that wealthy South Africans were putting more money into NPOs that focus on skills development.

“There have been efforts to address skills enhancement through the establishment of university-accredited non-profit management courses‚” the website says.

With those more fortunate helping those who are unable to do it on their own‚ this gives room for economic growth and in the long run will help alleviate poverty and unemployment.