Wealthy Americans, especially those who have increased their fortune during the coronavirus pandemic, have awakened consciences, writes Bloomberg. They started spending money from charity accounts.
The publication cites excerpts from the report of the Fidelity Charitable fund – a non-profit division of the investment company Fidelity Investments – on the results of work for 2020. According to him, 9.1 billion dollars were withdrawn from the accounts opened in the organization, which is 24 percent more than the same indicators a year earlier.
At the same time, Fidelity Charitable does not disclose the dynamics of the amount of funds under management. The organization calls 2020 an unprecedented year.
Accounts like those opened with Fidelity Investments are often used by wealthy individuals to obtain tax benefits. The funds on them are accepted for deduction for personal income tax, while they do not have to be spent, and can remain in the account, which often happens.
However, in 2020, when investors, including private ones, were able to earn in spite of the pandemic due to the rapid growth of quotations in the stock market, the trend changed. Wealthy Americans began to spend funds in their accounts. According to analysts interviewed by the publication, the coronavirus pandemic has awakened in them a desire for socially responsible behavior.