Citi report discusses economics of philanthropy

Despite challenges in quantifying this impact, the report highlights measurable forms of giving, such as time and money, estimating that global individual giving reaches an impressive $1.3 trillion annually.

Citi's Global Community Day 2024 in June. Photo: Citi

While individuals in the US lead in both absolute monetary terms and as a percentage of national output, regions like Asia-Pacific are trailblazers in volunteering.

Although volunteer numbers are on the decline, millions still contribute their time, generating significant value for the global economy.

Last year, Citi's 'Perspectives on the Future of Giving' report noted a trend of philanthropy growing more affluent and institutional, impacting societal and non-profit sectors.

The rising influence of high-net-worth individuals and foundations underscores a shift in philanthropic agendas.

However, this shift suggests individual giving might be larger than anticipated, when accounting for direct donations, non-monetary contributions, and the socioeconomic value of sustainable investments linked with philanthropic goals.

Furthermore, the report explores causes that resonate globally and the multiplier effects of volunteerism, providing valuable insights into how philanthropy can drive societal development and economic growth and the potential multiplier of impact non-profit organisations can make with $1 donated.

The report is useful in quantifying the value of philanthropy to the global economy and its impact on wider societal development.

“At Citi Vietnam, we are deeply committed to building lasting connections and positive change through volunteerism. In 2024, our colleagues, together with family and friends, planted hundreds of trees in Long An and Ha Nam provinces, supporting Vietnam's initiative to plant one billion trees within five years,” said Hanh Do, country head of Public Affairs at Citi Vietnam.

“We also hosted annual blood donation drives in Hanoi and Ho Chi Minh City, raising awareness about the importance of blood donations. In response to the needs of local communities, Citi Foundation has contributed $80,000 through UNICEF to aid Typhoon Yagi relief efforts, and $500,000 in catalytic funding as part of the Foundation’s 2024 Global Innovation Challenge to Blue Dragon's project addressing homelessness in Vietnam. These efforts reflect our dedication to contributing positively to the community and society at large.”

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