Over the ten years during which BNP Paribas has been awarding the Individual Philanthropy Prize, the Group has observed and highlighted new, innovative, more collaborative forms of philanthropic activity, as philanthropists are more committed and seek to become increasingly professional in their approach.
The BNP Paribas Individual Philanthropy Prize has recognised 18 outstanding philanthropists since 2008, with one of two awards – the Grand Prize and the Jury’s Special Prize.
“The tenth anniversary of the BNP Paribas Individual Philanthropy Prize provides an opportunity to underline the strong commitment of the Group’s Wealth Management arm to promote individual philanthropy with an aim to inspire a new form of activity,” declared Sofia Merlo, Co-CEO of BNP Paribas Wealth Management. “The Prize enables us to highlight and reward the remarkable work done by philanthropists all over the world.”
Tailored assistance for philanthropists
In 2008, the Bank launched a Philanthropy advisory service designed to help BNP Paribas Wealth Management clients to set up philanthropic projects. This comprehensive offering consists of tailored advice, a mechanism for managing personal donations, plus a range of ready-made solutions for those wishing to engage in philanthropic work. This service is available all over the world, with specialised teams operating in Europe, Asia and the United States.
“We advise clients and help them with the conception and implementation of a philanthropic project that is in line with their convictions and their ambitions,” explained Nathalie Sauvanet, Head of Individual Philanthropy Services at BNP Paribas Wealth Management. “Since 2008, we have assisted some 900 clients in France and abroad with their philanthropic activities.”
Keeping abreast of philanthropists’ motives and objectives: focus on the new generation
“It’s vital that we remain able to really understand the needs of philanthropists and stay abreast of the motivations and ambitions of the younger generation so that we can continue assisting the philanthropists of tomorrow and the future,” underlined Vincent Lecomte, Co-CEO of BNP Paribas Wealth Management. “Our clients are increasingly looking to have a positive impact on society. The Millennials in particular are taking an increasingly global and collaborative approach. They behave more like what you might call ‘philentrepreneurs’ – i.e. they have a more results-oriented attitude.”
Accordingly, the BNP Paribas 2017 Report on Individual Philanthropy, compiled by The Economist Intelligence Unit, closely investigates the motivations of ‘Generation Y’, focusing on their involvement in family foundations and their new-style approach to philanthropic work, making greater use of digital tools and innovative strategies. The report demonstrates the Group’s desire to better understand, serve and highlight the work of philanthropists all over the world.
The five new attitudes shaping the actions of the new generation of philanthropists
A spirit of social entrepreneurship: The Millennials regard social entrepreneurship and profit-making companies as a generally more sustainable solution for achieving their philanthropic ambitions than non-profit entities. The emerging sectors which they are targeting for their social enterprise projects include fintechs, education technologies, renewable energies, agriculture and the agri-food business.
A global approach: While the baby-boomers have tended to concentrate on a single region, Generation Y philanthropists take a more international approach in the causes and areas they target, essentially looking to extend the successes they achieve to many other places.
Emphasis on the present: Millennials do not generally like to wait before getting into philanthropic activities. They tend to believe they are able to change the world today.
A different use of social networks: Millennials use the social networks in a different manner from baby-boomers, i.e. not only to promote the causes they support but also to find beneficiaries, recruit people or keep up to date on current trends.
A more collaborative culture: The new generation firmly believe they can be more effective if they connect with their peers through international or local networks in order to seek out opportunities for joint investments and co-financing, obtain ideas and discover philanthropic best practice.
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