When philanthropy meets politics – Clare Stirzaker comments in eprivateclient
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The intersection of philanthropy and politics has long been a topic of discussion, particularly as high net worth individuals and corporations increasingly appear to direct their resources toward addressing societal challenges. In a recent article in eprivateclient (paywall), Private Wealth Partner, Clare Stirzaker comments:
“Philanthropists will generally take a much longer-term view in respect of their charitable giving and look to back initiatives that need time and perseverance to succeed. They often recognise that to effect real change takes time, but if they can see evidence of programs having success and recognise the valuable difference their investment can make, then they will typically look to invest over a longer-term horizon.”
Whilst philanthropic funding is limited in scale compared to state budgets, it can still constitute an element of furthering social good. Ms Stirzaker emphasised that philanthropists can also step in quickly during crises to support government efforts. She noted the fire at Notre Dame as a recent example, where philanthropists contributed over €850 million, with major donations from billionaire philanthropists such as Bernard Arnault and Francois-Henri Pinault.
Read the full article here (paywall).