Report examines the sources and trends in private giving to the developing world; global philanthropy has reached an all-time high of $64B, along with remittances of $224B
Washington, March 2 – On March 7, Hudson Institute will launch The Index of Global Philanthropy and Remittances, a report led by Dr. Carol Adelman, director of the Center for Global Prosperity, at a public event at Hudson’s headquarters. The report examines the sources and magnitude of private giving to the developing world, through partnerships with the Organization for Economic Cooperation and Development’s 28 member countries and 11 additional countries. Senator Todd Young (R-IN), chairman of the Senate Foreign Relations subcommittee on multilateral international development and economic policy, will keynote the event.
“Our latest research shows that philanthropy and remittances continue to thrive and are important lifelines to the world’s poorest people,” said report author Dr. Carol Adelman. “This is true despite the increase in government crackdowns on non-profits that threaten private giving, and civil society in general.” By tracking government aid, private philanthropy, remittances, and capital investment, the Index reveals a more complete picture of total economic engagement between developed and developing countries. An advance copy of the report is available here: http://bit.ly/IGPAR2016.
Major findings in the report include:
- Global philanthropy has reached a record high of $64 billion, of which $44 billion is contributed from the U.S. Data is from 2014, the most recent year with available information.
- Emerging economies including South Africa, India, Turkey, and China, have increased their philanthropy, remittances, and private capital investments to developing countries.
- Remittances from the U.S. reached $109 billion in 2014, exceeding philanthropy and government aid combined.
- U.S. private capital investment flows to developing countries made a dramatic recovery over three years, increasing from $108 to $179 billion. This important long-term development resource from U.S. business investors accounts for almost 50 percent of total U.S. economic engagement with the developing world.
- Private financial flows from all donor countries to aid-recipient countries account for 85 percent of their economic engagement with developing countries. Government aid represents only 15 percent of the total engagement, the reverse of some 40 years ago.
The Index marks the final report produced by the Center for Global Prosperity before the publication (and its sister index, The Index of Philanthropic Freedom) is transferred to the Indiana University Lilly Family School of Philanthropy. Initially published in 2006, the Index was the first of its kind to provide an in-depth analysis of the size and sources of private giving around the world, and reframe the role of the private sector in foreign aid. At Indiana University, the indices will continue to grow as vital markers of global philanthropy.
The Index of Global Philanthropy and Remittances will be discussed at a launch event on March 7th at Hudson Institute’s Washington, D.C. headquarters. Additional details on the event and a streaming video link can be found here. An advance copy of the report can be accessed here.
To arrange an interview with Dr. Carol Adelman, the report’s author, please contact Hudson Institute Press Secretary Carolyn Stewart.