LAS VEGAS – A report from The Private Bank by Nevada State Bank shows that Las Vegans and Nevadans are now leading the nation in increased generosity, giving to good causes at a rate increasing faster than in other cities and states.
The Private Bank by Nevada State Bank released the 22nd edition of its High Net Worth Report series today. This edition, which focuses on trends in philanthropic giving in Nevada and around the country, unveils a new format that includes a guest columnist who provides specialized insights on the topic of the report. This edition features a column by Julie Murray, CEO of the Moonridge Group, a Las Vegas-based organization that promotes and supports philanthropic efforts throughout Nevada.
Highlights from the report include the following:
Nevada’s individual charitable giving rate (giving as a percentage of adjusted gross income) climbed more than any other state between 2006 and 2012. The 12.6 percent growth was more than twice that of the next closest state, Idaho. The change put Nevada’s giving rate at 2.68 percent, which ranked 36th.
Las Vegas topped the list for best improvement in generosity among the nation’s largest 50 metropolitan areas. The Las Vegas giving rate rose by 14.9 percent, more than six points better than the next-closest metro area, Jacksonville, Florida.
Nevada corporations gave an estimated $134.4 million to nonprofits in 2014. The state’s corporate giving rate of about 0.22 percent of revenues outpaced the national average of 0.13 percent
The top targets for Nevada’s corporate donations where health and social services (34.1 percent), followed by culture and arts (12.8 percent), civic and public affairs (12.2 percent), K-12 and higher education (12 percent), and the environment (6.2 percent).
Americans donated an estimated $335.2 billion to nonprofits in 2013, the fourth straight year of growth for charitable giving. Philanthropy researchers at Indiana University believe that trend will continue and have predicted charitable giving will rise by 4.8 percent this year and another 4.9 percent in 2016.
Between 2011 and 2013, the wealthiest American households increased average charitable giving by 28 percent, from $53,519 to $68,580. High net worth households were far more likely to make a charitable donation than the rest of the population (98 percent vs. 65 percent).
The Private Bank’s executive vice president, Randy Boesch, said, “Charitable pursuits are an important life goal for more than half of Nevada’s high-income households, and our state’s track record of philanthropic giving bears that out at both the individual and corporate levels.”
The Private Bank publishes the High Net Worth Report monthly. Briefings will be made available on Nevada State Bank’s website or by contacting The Private Bank directly at 702.855.4596.
About The Private Bank by Nevada State Bank (@NSBPrivateBank)
The Private Bank by Nevada State Bank pro3vides a full range of personalized financial services for high net worth and high-income clients, including deposit and lending services and wealth management planning. The Private Bank by Nevada State Bank is an unincorporated division of Nevada State Bank that provides specialized banking services to significant net-worth clients. Nevada State Bank is a full-service retail bank that has been chartered by the state of Nevada and is insured by the FDIC.
About Nevada State Bank (@nevadastatebank)
Nevada State Bank, with assets of more than $4.0 billion, is the largest state-chartered bank in Nevada. A full-service bank with 50 branches statewide, Nevada State Bank offers a complete range of consumer, private and business banking services. It is a subsidiary of Salt Lake City-based Zions Bancorporation (Nasdaq: ZION), one of the nation’s premier financial services companies. With affiliates in 10 Western and Southwestern states, 140-year-old Zions Bancorporation has assets of $55.2 billion. For more information on Nevada State Bank, call 702.383.0009 or access www.nsbank.com.