| Central Penn Business Journal
Is greed still good?
A recent study by PNC bank found the wealthy — those whose households earn $1 million or more a year — are serious about their philanthropy.
Apparently, they are getting more serious, too.
More than 70 percent of the 550 respondents believe their wealth should be spread to helping those less fortunate, according to the study conducted by Artemis Strategy Group for PNC. The respondents also said they would give more in 2012 than they did in prior years.
The survey also found more than two-thirds of affluent responders plan to match or exceed their 2011 charitable contributions this year. Twenty-seven percent reported giving more than $25,000 in 2011, compared with 22 percent in 2010 and 9 percent in 2009.
Granted, this demographic isn't solely the greedy 1 percent the grass-roots group Occupy Wall Street is protesting. That 1 percent is definitely in this group, however.
So is greed still alive and well today? Does a study like PNC's shed light on a counterforce — giving?
Christopher Passante is the editor of the Central Penn Business Journal.