A study says Illinois’ wealthiest people are giving more to charity than the rich in other states. A survey by BMO Private Bank found that Illinoisans with investible assets of at least $1 million plan on donating an average of $13,307 to charitable causes this year. More than 80 percent are now donating at least the same amount they did prior to the recession.
“I think with the increase in stock market and the better economy, that’s allowing the affluent to think about being more charitable, and they’ve obviously responded. At least in Illinois, here they’ve responded,” said Mary Jo Herseth, BMO Private Bank’s national head of banking.
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The study says local community programs and religious institutions are getting the most support. The study also says that the generosity doesn’t end with death, as Illinois’ wealthy are giving an average of 4 percent of their estates to charity in their wills.