The £1 Million Turning Point: Why HNW Philanthropy Is Getting Personal

For many, the £1 million mark represents freedom — the point at which financial worries soften, and the future feels secure. But according to new research from Barclays Private Bank and Wealth Management, it also marks a powerful psychological shift: the moment when wealth begins to translate into purpose.

In The Modern Philanthropist report, Barclays reveals that over a quarter of high-net-worth individuals (HNWIs) begin making sizeable charitable donations once their investible assets reach the £1 million milestone. Far from being a purely financial decision, this moment often signals the start of a deeper journey — where wealth and meaning begin to intertwine.

The Modern Motivations Behind Giving

Today’s philanthropists are increasingly values-driven. The data shows that eight in ten UK HNWIs support causes related to health and social welfare, followed closely by climate and environmental issues (73%) and social justice or international development (69%).

“The view of philanthropy among HNWIs is shifting to become an integral part of wealth planning,” says Juliet Agnew, Head of Philanthropy at Barclays Private Bank & Wealth Management. “Once individuals reach key milestones in their wealth journey, they increasingly want their money to carry meaning as well as value.”

This new generation of donors is not content with simply writing cheques. They want evidence — impact that can be seen and measured. Among younger philanthropists aged 18–34, almost half require proof of tangible results before making large contributions.

Confidence and Clarity: The Hidden Catalysts

While wealth may open the door to giving, confidence determines how far it goes. The report finds that although 81% of donors believe advisers should proactively initiate conversations around philanthropy, only a third say that has ever happened. This gap highlights a major opportunity for financial and tax specialists to play a more active role in helping clients align their charitable goals with their financial strategies.

Philanthropy specialists currently wield the greatest influence over significant donations (43%), followed by tax advisers and family offices — evidence that giving, when guided properly, can become as structured and strategic as any investment portfolio.

Structured Giving on the Rise

Almost a third of UK HNWIs have already established charitable trusts, built philanthropy into their estate planning, or created donor-advised funds. For many, this is about legacy — a way to ensure that wealth, once transferred, continues to make a difference beyond their lifetime.

With the “great wealth transfer” well underway — one in three HNWIs expecting to inherit over £1 million — this trend is only expected to grow. Median annual donations among wealthy individuals have more than doubled in the last six years, rising from £5,500 in 2019 to £12,000 in 2025.

Meaning Over Money

If the findings show anything, it’s that giving has become a marker of modern identity as much as success. In an age of conscious capitalism, philanthropy is no longer about status — it’s about significance.

As Barclays’ Senior Philanthropy Adviser Isabelle Hayhoe notes, “We’re seeing clients who want to ensure every pound given has purpose. It’s not just about how much they give, but what that giving means — to them, to their families, and to the world they’ll leave behind.”