Despite the global recession, private giving and remittances are expected to be lifelines to help developing countries weather the economic storm, according to the 2009 Index of Global Philanthropy and Remittances published by the Hudson Institute’s Center for Global Prosperity. The Index documents contributions in 2007 from foundations, corporations, charities, universities and colleges, religious congregations and individuals to the developing world. Global philanthropy, remittances and private capital investment continued to grow in 2007, accounting for 83 percent of the developed world’s economic dealings with developing countries, while government aid continued to decline as a percent of total financial flows to the developing world and is now down to 17 percent of total flows. In the United States alone, private philanthropy and remittances are more than five times its official aid abroad. The 2009 Index gathers private giving numbers for 11 donor countries besides the United States, resulting in significantly higher private-giving numbers than previously. The Index presents regional and sectoral data for private giving and examines new private giving models—venture philanthropy, online giving, cause-related marketing and text messaging fundraising—that are changing the landscape of foreign aid forever.
