August 4, 2005
Stocks Have Bounced Back but Giving by the Nation's Wealthiest Has Not, Study Finds
The wealthiest Americans have cut their charitable donations by 70 percent since the stock-market boom ended, a new report shows. Average contributions from households with a net worth of at least $5-million (excluding primary residences) fell from $600,000 in the three-year period 1998-2000 to $180,000 in 2002-4, says a report by Spectrem Group, a research and consulting firm in Chicago.
The report, "Charitable Giving and the Affluent Market," is based on data gathered from 500
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