What happens when only rich people give to charity?
Dec. 3, 2019
When fewer people give — even the very wealthiest people, giving extraordinary sums — the pool of beneficiaries shrinks. Nonprofits must compete for funds from the same concentration of high-net-worth individuals. Their only path to financial stability is with major gifts from high-net-worth individuals. Brian Gallagher, chief executive of United Way Worldwide, told the Chronicle of Philanthropy that economic conditions are “forcing us and all nonprofits to continue to narrow our targeting.”