More than 70 per cent of the philanthropists see “measurable impact” when selecting causes to support, with 42 per cent citing innovative approaches as a strong influence in their giving practices, says KPMG’s 2021 Global Philanthropy Report. The survey interviewed prominent philanthropists globally. Disruptive philanthropists are taking a more active role in their giving, are aware of the vast inequities in the world, and are committed to making a difference on the major issues affecting society, finds the report.
The report, which examines key trends among prominent philanthropists internationally and within Canada, highlighted a greater willingness to embrace innovation. The survey found that 58 per cent of the respondents identified good governance practices as a strong influence when choosing a charity to fund, 42 per cent cited innovative approaches as a strong influence in their giving practices, two-thirds (67 per cent) adopted data as part of their evaluation of impact; and 42 per cent want structured feedback from their beneficiaries, 63 per cent agreed that combining efforts with third-parties needs to happen to deliver true impact, however, more than a quarter (28 per cent) find collaboration a challenge, and 60 per cent partnered with other foundations, followed by like-minded philanthropists (40 per cent), for-profit businesses (28 per cent), government bodies (28 per cent), research/academia (16 per cent) and other allies.
“Many successful individuals and families are acutely aware of the immense needs that exist today and are focused on how they can meaningfully deploy their wealth for maximum impact. Increasingly, they are applying more rigor, analysis and data to their giving practices and leveraging their personal networks and skills to accelerate progress on some of society’s most complex challenges,” says Yannick Archambault, Partner and National Family Office Lead, KPMG Enterprise.