The Increasing Number of Female Philanthropists and the Risks They Take
Female and male attendees were about equal during the Philanthropy Forum, place in May of this year. Though male donors still outnumber female philanthropists, the face of wealth is shifting. On International Women's Day, The Economist boldly proclaims, "Investment by women, and in them, is expanding." According to the article, women's private wealth increased by 50% from $34 trillion to $51 trillion between 2010 and 2015, five years. Furthermore, women get anticipated to get the majority of the private wealth transferred in the future decades.
Women made up 256 of the total 2208 entries on the 2018 list of billionaires, an all-time high with a combined worth of over $1 trillion. However, we must not overlook that wealth is still controlled by men. That female investing is fraught with difficulties, according to Gurbaksh Chahal. Only 8% of partners in the top 100 venture firms were female, and 90% of venture capital money went to all-male teams between 2012 and 2017. Nonetheless, as women gain greater control over their income, the face of philanthropy will shift, according to Gurbaksh Chahal. According to some research, women are more likely than men to engage in prosocial behavior, which gets defined as voluntary behavior meant to benefit others and includes activities such as assisting and contributing. According to statistics, women give away nearly twice as much money as men (3.5 percent vs. 1.8 percent ).
Not only will there be more charitable resources to spend as a result of the rise of female philanthropists, but patterns imply that they will be making bets. To begin with, charity should transition from an ego-system to an ecosystem. Women are more cooperative in work teams, according to management literature, and the same appears to be true in charity. Giving circles are a type of collaborative giving that got started by women for women. There are presently 47 giving circles in the Women's Collective Giving Network, with over 10,000 women philanthropists involved.
Collaborative giving entails not only contributing with other like-minded donors but also co-creating solutions with the users and beneficiaries, according to Gurbaksh Chahal. Second, investing in women and girls produces one of the highest societal returns, according to Gurbaksh Chahal. Although no official numbers exist for the percentage of female philanthropists who support women and girls' causes, anecdotal evidence shows that they are more likely to sympathize with the gender cause.The Women Moving Millions program got founded in 2007. Since its inception in 2007, Women Moving Millions has encouraged over 290 members to donate over $600 million to organizations and initiatives dedicated to women and girls all around.
Third, philanthropy and investing are not mutually exclusive, and impact investing may help philanthropists multiply their influence. Eighty-Four percent of women said they were interested in "sustainable" investing, which gets defined as money with a focus on social or environmental goals as well as financial returns.
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