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WSJ blog: Firm says giving by the rich should remain strong

Giving by individuals who have more than $2 million invested in the stock market should remain strong and could increase in 2008, Crown Philanthropic Solutions told the Wall Street Journal blog The Wealth Report.

William Hewitt, the firm’s national marketing chief, said that giving by the mass affluent – those with $100,000 or more invested – is likely to be cut back. Giving by this group declined in the first quarter, according to the survey.

Yet the affluent, he says, are more affected by weak housing prices, falling stocks and rising prices. Companies also are planning to keep their giving flat this year. A recent survey of 77 businesses by the Chronicle of Philanthropy found that 50 would keep their giving the same as last year, while 21 expected an increase, and six said their donations would drop.

The rich, on the other hand, are more protected than companies from economic downturn because their portfolios are more diverse, Hewitt said.

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