International Private Philanthropy on the Rise

Accomplished financial executive Stephen Robert was the CEO and largest shareholder of the Oppenheimer Group before he retired. He and his wife set up the Source of Hope Foundation to channel their philanthropic activities. Stephen Robert is also on the board of several charities.

Private philanthropy on a global scale is increasing. Recently, the amount of money given through private philanthropic foundations increased by 50 percent, from $5.1 billion in 2013 to $7.8 billion in 2018.

Additionally, a rise in the number of globally focused charitable foundations has taken place, with more than 75 percent set up between 1993 and 2018. Most of these foundations are located in Western Europe and North America. They range in size from small outfits with no staff members and expenditures below $1 million to global organizations with billions of dollars in disbursements. Their activities are concentrated in countries in sub-Saharan Africa, South East Asia, and Central America.

The majority of giving focuses on developmental activities, with health and education sectors getting the most significant shares. The foundations also provide investment finances (such as microfinancing) in the economies of the recipient countries. Private foundation philanthropy provides 4-5 percent of the annual official development assistance to many countries.