The report Giving In The Gulf Cooperation Council (GCC): Evolving Towards Strategic Philanthropy by LGT, the Centre for Strategic Philanthropy, and the University of Cambridge Judge Business School reveals that in-depth research on philanthropy in GCC has been limited due to a culture of privacy and discretion in giving practices.
The study considered the practice of "Zakat," which obliges Muslims to give 2.5% of their wealth to charity, and calculated an estimated figure of $210 billion of annual giving based on expert analysis, GCC household wealth, and the net wealth of GCC billionaires, which stood at $29.8 billion, excluding Saudi billionaires, as of November 11, 2022, according to Forbes.
The study also shows that the GCC has made noticeable strides as millennials and Gen-Z take the helm of their family businesses. In general, family businesses contribute greatly to founding and supporting some of the largest philanthropic organizations in the region. They comprise up to 90% of the private sector economy and 80% of the workforce, making them a key player in the region's voluntary sector.
This story is from the December 2022 edition of Forbes Middle East - English.
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This story is from the December 2022 edition of Forbes Middle East - English.
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