When money is no object, the novelty of expensive supercars and designer clothing can quickly begin to wear off, with many wealthy individuals finding themselves seeking something more meaningful to do with their hard-earned fortunes. And, whilst building a healthy investment portfolio and paying for family members to get the best possible education can go a long way towards securing their future as well as yours, for the world’s millionaires and billionaires, it doesn’t quite feel like enough.
Philanthropy is the obvious route when it comes to giving something back to society and to communities both locally and further afield, and for some, it is in fact the prospect of being able to support worthwhile causes and make the world a better place that has spurred them on to make such vast amounts of money in the first place.
Some examples of notable ultra-high-net-worth individuals who are known philanthropists and regularly donate to charitable causes include Amazon tycoon Jeff Bezos, who donated over £1 billion during the global Covid-19 pandemic, and Microsoft mogul Bill and his ex-wife Melinda Gates, via the Bill and Melinda Gates Foundation, handed over a similar amount. And let’s not forget about MacKenzie Scott, who donated £3 billion in December 2020 to food banks and emergency relief funds as part of her pledge to give away most of her sizeable fortune to charity.
Whether you’ve decided that 2023 will be the year you follow suit, are still toying with the idea of giving or simply want to up-level your current efforts, then here are some routes to consider.
Help the homeless
Thousands of people have faced homelessness in the UK this winter, the issue having intensified thanks to the ongoing cost of living crisis, with many finding themselves unable to afford rising rent payments and utility bills.
There are myriad charities out there currently working to support people who are sleeping rough, in temporary or insecure accommodation or who are at risk of becoming homeless, and donating to organisations like Shelter, which provides advice and practical assistance to those in need, whilst campaigning for better investment in housing and the improvement of laws surrounding the topic, is a great way to distribute some of your spare cash.
Fund a school
Spending cuts over the past couple of years have seen educational institutions suffer, with many schools being left unable to make much-needed improvements to their facilities. But for children living in poverty or in abusive homes, their schools can be a safe haven that gives them time to relax and have fun as well as getting an education to set them up for the future.
Making a large donation to go towards school playground equipment is a guaranteed way to brighten up multiple children’s days all at once, and paying the playground equipment company like Sovereign to build and install a climbing frame, swing set, or imaginative play structures at a local primary school in need could make all the difference to their lives.
Support (or start) an animal rescue centre
Another knock-on effect of the cost of living crisis – and before it, the global Covid-19 pandemic – has been a spike in the number of animals being abandoned by their owners. As a result, many animal rescue shelters are finding themselves overwhelmed, with more cats, dogs, rabbits and other pets than they have space for or can afford to house, feed and care for. Then, there’s the lack of trained staff available to rescue neglected or injured animals and to look after them.
If you’d like to help, then donating a large sum of money for a facility to expand its capacity or to help it distribute across other areas of need is bound to be appreciated. If you’d like to give your time as well as your money, then you might consider volunteering at a shelter near you – or, you could go one better and start your own.
Support Ukrainian refugees
As Russia’s invasion of Ukraine rages on, millions of people are in desperate need of housing and support, with over seven million seeking safety in Europe as they continue to flee the dangerous circumstances in their home nation.
Making a donation of gifting urgent supplies to charities like the Red Cross for the cause are both excellent ways to support them, but if you have a large home or a sizable portfolio of rental properties and any of them are going unused, then taking in or housing a Ukrainian or a family of Ukrainian refugees is a kindness that could give them hope and provide safety in a time of great upheaval and turmoil.
