The sum could be raised if each of the UK’s estimated 536,673 millionaires – known as high net worth individuals – were to donate 1% of their investable assets, the Charities Aid Foundation (CAF) said.
The UK’s richest people give a smaller proportion of their wealth to charity than the average person, according to research which suggests British millionaires donating just 1% could boost the sector by £12 billion.
CAF said its report also reveals that the UK’s wealthiest people tend to support “significantly different” causes to those supported by the rest of the public.
Edward Garrett, from CAF said: “The UK has a strong history of philanthropy, which has been behind some of our most important innovations and funds crucial charitable services throughout our country.
Meanwhile, the wider UK public donated an estimated £13.9 billion to good causes in the same year, equating to 1.6% of their income.
