JOHANNESBURG, (CAJ News) – STANDARD Bank, the biggest bank in the continent by assets, has welcomed plans by philanthropists to increase their contribution to Africa.
Executives of the banking company noted Africa’s 2620 Ultra High Net-Worth Individuals with a collective value of US$200 billion in assets planned the move.
This is according to data-driven insights into the world and concerns of the wealthy in the 2016 Wealth Report published by Knight Frank, Standard Bank Wealth and Investment’s global property consulting partner.
Phillip Faure, Head of Philanthropy for Standard Bank Wealth and Investment, said as the number of Ultra High Net Worth Individuals burgeoned around the world, particularly in emerging markets, it was encouraging that this highly influential segment was passionate about preserving wealth for the long term.
This is especially so considering their increasing commitment to philanthropy.
“Increasingly, we observe the wealth concerns of many of our clients in Africa is accompanied by a huge desire, reflected in many philanthropic projects and plans, aimed at driving more inclusive growth to improve the lives of all,” observed Faure.
Faure said as Africa rose in importance as a wealth investment destination, 65 percent of wealth managers report that philanthropy had become more important to their clients.
Driven mainly by a sense of duty, personal fulfillment and the desire to leave a legacy, Africa’s philanthropists are on the lookout for sustainable ways of using their wealth to solve social problems plaguing the continent.
Mirroring global trends, African philanthropists are becoming increasingly sophisticated in how they structure their giving and investing, with social impact emerging as a key dimension along with risk and return in every investment decision.
Standard Bank Group is a major institution with about US$128 billion.
Its market capitalisation is about $11,8 billion.
– CAJ News
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