According to Forbes, there were 328 female billionaires last year, up by 36 per cent as compared to the previous year. It has also been estimated that women’s global wealth will reach $81 trillion by 2023.
As the wealth of women increases so does their participation in the philanthropic community. And with increasing participation in philanthropic activities, women are changing the landscape of giving in innovative ways. Let us look at some of them.
1. Do-it-yourself Approach
Many of the women philanthropists choose to open their own NGO to focus their philanthropic activities rather than extending their support to existing ones. These benefactresses take a proactive role in their humanitarian efforts by participating in identifying the needs at the grassroots level as well as in developing solutions to them.
2. Supporting the Leadership of Organisations
Women philanthropists are often seen supporting organisations as against a particular project. They put their energy in empowering the leadership of an organization that is working in multiple areas to work towards a holistic development. This allows them to impact at a larger scale as they are not only supporting a cause but an entire portfolio of causes, leading to the overall development of their beneficiaries.
3. Forming the Giving Circles
As the female philanthropists seek to provide complete development to their beneficiaries and improve their living standards significantly, they often look at larger investments on them. This is why, women are known to form and participate in giving circles, wherein several philanthropists pool their resources to support a project or a cause. The concept of giving circles was first started by women, and currently, about 70 per cent of giving circles feature a female majority in them.
4. Rise in Volunteering activities
Female philanthropists are more hands-on than staying behind the scenes after making a donation. They prefer to get into the field and volunteer. In this, not only are they donating their own time, but are also bringing in friends and family to do the same, thus giving rise to the volunteering tradition. This is also inspiring to women across the globe who view these powerful women as their idols.
5. Increase in Impact Investing
Women in philanthropy are not only contributing to the causes by providing direct financial support to them but are also improving the landscape of impact and investment. Often viewed as complementary to the traditional forms of philanthropy, such investing provides strong financial backing to the causes, allowing to general positive societal outcomes.
6. Improved support to Gender Equality Causes
Women’s participation in philanthropy has led to increasing in the attention and support to gender-related causes. The idea of ‘women supporting women’ has taken off to a great start and has been picking up a lot of momentum, inspiring more female givers to focus on such issues. This has helped in highlighting the redressing of gender issues that traditionally may not have received adequate support from the philanthropic community.