Rich Take Charity Money with Them Leaving NJ
February 17, 2010
Another reason to try to keep rich people in one’s state:
A recent study by the Boston College Center on Wealth and Philanthropy reported that between 2004-2008, New Jersey lost almost $1 billion in expected charitable giving as a result of a significant decline in the amount of wealth moving into the state and an increase in the amount of wealth leaving.
This is in contrast to the five years prior to 2004, when New Jersey gained $1 billion in typical charitable giving as a result of migration into the state. Taken together, this decline represents a loss of $400 million per year in charitable giving in New Jersey.
These dollars represent real families. From 2004 through 2008, more than 10,000 households that would typically give $50,000 or more to charity per year left New Jersey. At the same time, only 1,000 households of the same means and philanthropic ethic moved in.
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