3 in 5 US Millionaires Feel Duty to Give Back
Almost three out of every five American millionaires believe they have a responsibility to give back to their communities through charitable donations, according to a survey conducted by PNC Financial Services and released this week. The survey also asked about billionaire Warren Buffett's suggestion that millionaires should be taxed at a higher rate and should give more to charity. Just under half, 49 percent, agreed with Buffett's comments, even though most are not even close to as wealthy as the Oracle of Omaha.
PNC surveyed a total of 555 millionaires across the nation in its eighth annual Wealth and Values Survey. 59 percent of the respondents reported feeling an obligation to give back, although 22 percent plan on cutting back on charitable donations in the near term. Just over a fifth, 21 percent, intend to give more to charity this year, while 46 percent plan no change in the amount they contribute. As for Buffet's suggestion that American millionaires help pay down the national debt, about 22 percent felt they would be in a position to help out in that way.
In a sign of increasing generosity among the nation's wealthy, the survey also showed that the percentage of millionaires donating between $25,000 and $1 million to charity has doubled over the last three years from 12 percent in 2008 to 24 percent in 2011. The 2011 Wealth and Values Survey was conducted online by the Artemis Strategy Group between September 15th to October 11th last year.
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