UAE wealthy among top aid donors – but ‘it’s not enough’

This content was originally posted in 7DAYS UAE website at: UAE wealthy among top aid donors – but ‘it’s not enough’ ‘Ultra-high net worth’ Emirati philanthropists donate an average of $10.2 million each over the course of their lifetime, according to a report. The UAE was ranked in the top 11 countries for donations by study authors Wealth-X and Arton Capital. But they and the UNHCR said claimed more is needed in light of the global refugee crisis. According to the report, India has the most generous ‘UNHWI’ donors ($96.6 million) based on lifetime giving, followed by the United Kingdom ($32.7 million) and Hong Kong ($32.3 million). The UAE’s highest giving sum in a lifetime was found to be $10.2million. Armand Arton, president and CEO, Arton Capital – a financial advisory firm specialising in investor programmes, said: “The typical UHNW philanthropist donates $28.7 million in his or her lifetime, and whilst the UAE makes a significant contribution to the $112 billion given in 2014, this is only 0.7 per cent of the percentage net worth.” Based on lifetime giving as a percentage of net worth, the UK has the most generous donors (12.3 per cent), followed by the United States (8.7 per cent). Arton, who thinks that globally oriented high net worth individuals could help remedy the refugee crisis, added: “The UAE is one of the most prosperous countries on earth, and makes huge contributions through philanthropic giving, but more can always be done to bridge the gap between the world’s richest and poorest.” Mohammed Abu Asaker, public information and communications officer for UNHCR, said the UAE has been hugely supportive not just in terms of aid but also infrastructure. He said: “People in the UAE have been very generous. There have been several campaigns by local entities such as the Emirates Red Crescent and there has been very generous response from both expats and Emiratis. “The Dubai government is also host of the largest global UNHCR warehouse for humanitarian aid and the International Humanitarian City.” But despite the level of giving, the cost of the crisis greatly exceeds available aid. Asaker explained: “The total population of concern in the first six months of 2015 stood at 58 million people – the largest we’ve ever seen. The scale of the emergency is beyond the capacity of just one state or organisation and requires a collective response from all.” Wealth-X estimates that 7,441, or 1 in 28 UHNW individuals globally pledged a total of $2.7 billion toward refugee related causes. Providing for 4.3 million Syrian refugees will cost an estimated $60.2 billion of which the UNHCR has only $4.5 billion budgeted. megha@7days.ae Read the original story at: UAE wealthy among top aid donors – but ‘it’s not enough’