Ahead of the UK’s first #GivingTuesday on 2 December, let’s talk about Bob Geldof and Adele. Only fair since the philanthropic giving Geldof has been stressing on through Band Aid Trust’s latest Christmas song – and Adele giving the project a miss – have lately garnered almost as much news coverage as Ebola itself (the trust is raising money this time for the disease).
I’m all for celebrities championing philanthropic causes. However, when it comes to the ultra-rich, the high-profile and the famous, one must make the distinction between ‘hoping to make a difference’ money and ‘this is how it will make a difference’ money.
Go deeper with GlobalData
Most private banks – big and small – have a massive focus on philanthropy. The likes of Citibank, UBS, Credit Suisse, BNP Paribas, Coutts are heavily involved with charities on an ongoing basis and have foundations, research teams, programmes dedicated to philanthropic work.
Wealthy clients, especially entrepreneurs, are eager to make a difference and give back – particularly to communities they grew up in.
They want to put their funds, voice, and status to good use by pursuing the causes they believe in.
However, beyond money donations, HNWs and UHNWs sharing their expertise and experiences and making a sustained effort are crucial.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataBanks facilitating clients to get involved with philanthropy for the long run and advising them appropriately, alongside introducing them to new and relevant charitable opportunities that suit their investment appetite, is important as well – in the most practical sense.
The latest Band Aid number made £1m in the first five minutes of its release through public donations, which gives reason for optimism.
But Geldof has not managed to provide much forward looking information around how these donations will be used once the publicity pipes down, which is not ideal.
The new song itself is not ideal either but that is a conversation for another time.
There are a score of celebrities known for their generosity – Angelina Jolie, Annie Lennox, Paul McCartney, Madonna to name a few. Most celebrities have a plan – encompassing both the funds support and an implementation roadmap.
The Bill & Melinda Gates Foundation, for instance, stresses the need for research and development, alongside ground response. There is a timeline associated with their donations and a plan for their money that people can follow.
The work is continuous and not sensationalised. (Turns out Adele chose not to participate in the Band Aid crew and make a personal, unpublicised donation to Oxfam instead).
Famous people talking about pressing issues goes a long way towards awareness. Even better if it results in the public being moved enough to donate money and time to difficult causes.
But in terms of the end result, donating a big amount of money to a cause and not really shedding light on what happens next or allowing people to keep track of the money’s real use is hardly in good philanthropic spirit.
