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Celebrity Philanthropy News 2  3

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Black Tie International:
Forbes 400 Summit on Philanthropy

 

Randall Lane (Editor, Forbes) as panel moderator; panelists Warren Buffett, Steve Case, Bill Gates, Melinda Gates, Leon Black, David Rubenstein. Photo Credit: Glen Davis

Randall Lane (Editor, Forbes) as panel moderator; panelists Warren Buffett, Steve Case, Bill Gates, Melinda Gates, Leon Black, David Rubenstein. Photo Credit: Glen Davis

On June 26, Forbes convened the first-ever Forbes 400 Summit On Philanthropy, which brought together 161 billionaires and near-billionaires for a discussion of ways to help solve the world's most intractable problems.


 

Forbes Insights & Credit Suisse
 Reveal Results of New
Study

 "Next-Generation Philanthropy: Changing the World"

 

CREDIT SUISSE GROUP REVEAL RESULTS OF NEW STUDY "Next-Generation Philanthropy: Changing the World" - Study Follows Historic Forbes 400 Summit on Philanthropy- New York, NY (September 18, 2012) Forbes Insights announced the findings of a new study, "Next Generation Philanthropy: Changing the World," sponsored by Credit Suisse Group, as part of the Forbes 400 Summit on Philanthropy.

This summer, in an unprecedented gathering of wealth and international philanthropy, Forbes brought together 150 billionaires and near-billionaires, including keynote speakers Bill Gates, Warren Buffett and Oprah Winfrey, for a private discussion of ways to help solve the world's most intractable problems. The peer exchange, which focused on greater collaboration, sharing of best practices and upfront education, helped advance the conversation around philanthropy on a global level. The gathering may also lead to fundamental shifts in how the world's most influential philanthropists carry out their charitable efforts. Key themes that emerged included: * These billionaire philanthropists, in contrast to previous generations, expect to see the results of their philanthropy in their lifetime and have less interest in leaving a legacy. * An increasing number of them are willing to partner, with people like themselves, with corporations or with the recipients to ensure greater effectiveness. * They are willing to be venture-like in their giving, viewing the philanthropic investments as risk capital.

Moreover, they are willing to take risks, fail and learn from the experience in order to be more effective over time. * They plan on giving their money away over a short time frame - more than half of respondents at the summit have set a time horizon of less than 10 years to see a return on their philanthropic investments. The full results from this summit will be featured in the forthcoming Forbes 400 Philanthropy issue. Following the summit, the Forbes Insights study was launched to better understand how high net worth individuals across the globe pursue their philanthropic goals. Among the key findings, the study revealed: * Giving is alive and well. 54% of all respondents say they will leave more than 25% of their assets to charity.

Nearly half (46%) of those with more than $20 million in investable assets plan to leave half or more of their assets to charity; nearly 1 in 5 of those with over $50 million in investable assets plan to leave 100% of their assets to charity. * A Business-Like Approach to Giving. 53% of all respondents agree with the statement "I find applying my business experience to my philanthropy is an effective and successful approach to giving." This rises to 61% among those who are at the more than $20 million level. More of them partner with businesses (40%) for their philanthropic endeavors than with government agencies (22%) or other non-profits (28%). * Taxes, U.S. Elections and Giving. Most (56%) feel that tax policy impacts their charitable giving. 64% believe the elections will impact tax policies, while 50% believe the elections will impact the climate for philanthropy. "Forbes was pleased to partner with Credit Suisse to launch this philanthropy study and share new insights into the motivations, risk profile and effectiveness of high net worth individuals who want to have a tangible impact on affecting change," said Forbes Media President and CEO Mike Perlis. "Credit Suisse was delighted to participate in the Philanthropy Summit and the impactful research that followed," says Anthony DeChellis, the Chief Executive Officer of Private Banking Americas of Credit Suisse Group. "This gathering may well affect how future philanthropists go about carrying out their charitable work because they have the benefit of collaboration with those who have gone before them and the benefit of their insights and experiences. Additional findings of the Forbes Insights study included: Motivation to give comes from the heart. 70% of respondents in the survey say that they are driven by personal values, while 36% say faith, 35% a sense of obligation or duty, 32% family legacy and 31% a desire to add value to society at large. Among the top areas for philanthropists that respondents say they consider are the organizational structure of giving, collaborations, vehicles of funding, measuring success and passing on the torch to the next generation.

Family foundations are more important as asset levels grow. Fifty nine percent of those with investable assets of $50 million or more have established a philanthropic entity. The majority would like to see this entity be continued by their descendants. Today's philanthropists are creating the base for the next generation of philanthropists. Fifty-nine percent of the respondents believe they are setting an important example for future generations, and 42% have developed a succession plan for future generations. Measuring philanthropic impact is a work in progress. With nearly half of respondents (44%) having a time horizon of less than ten years to see a return on their philanthropic investments, new ways to track projects are necessary. Indeed, 62% of survey respondents use some form of tracking, such as Impact Reporting & Investment Standards (IRIS) and the Global Impact Investing Ratings System (GIIRS). Social media takes hold as part of a philanthropic strategy, but is not a substitute for personal time and commitment. Facebook (37%), Twitter (24%) and YouTube (23%) were the top three social media platforms utilized by survey respondents. All of Forbes Insights' interviewees, however, indicated social media could only highlight a cause. Seeing a project through to the end requires a significant amount of time and commitment, in addition to publicity. The study surveyed 264 high net worth individuals across the globe, including the U.S., China, Japan, India and the UK. Forty-six percent of the respondents had net investable assets of $4.9 million or less; 34% of the respondents had net investable assets of $5 million to $19.9 million; and the remaining respondents reported net investable assets of $20 million or more. About Forbes Insights Forbes Insights  www.forbes.com/forbesinsights    is the strategic research practice of Forbes Media, publisher of Forbes magazine and Forbes.com.

Taking advantage of a proprietary database of senior-level executives in the Forbes community, Forbes Insights' research covers a wide range of vital business issues, including: talent management; marketing; financial benchmarking; risk and regulation; small/midsize business; and more. About Credit Suisse Group Corporate Responsibility At Credit Suisse, we believe that our responsible approach to business is a decisive factor determining the long-term success of our bank. We therefore strive to act as a good corporate citizen in every aspect of our work. This approach is founded on a broad understanding of our duties as a financial services provider and our responsibilities toward society and the environment, as well as our role as an employer. Credit Suisse AG Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland.

Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 48,200 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. F Each legal entity in Credit Suisse Group AG is subject to distinct regulatory requirements and certain products and services may not be available in all jurisdictions or to all client types. There is no intention to offer products and services in countries or jurisdictions where such offer would be unlawful under the relevant domestic law. Further information about Credit Suisse can be found at www.credit-suisse.com .

Disclaimer This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

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