This is how billionaires are donating their money— and its saving more lives than ever.

As globalization rapidly progresses, there is a growing need for innovation and diversification in philanthropic activities that extend beyond traditional donations and charities. Whether it be impact investing, microfinancing, venture philanthropy, entrepreneurialism, or continued job creation, the ultra-high net worth (UHNW) population is ultimately redefining the essence of philanthropic giving.

By ushering in new philanthropic models that combine traditional foundations with profit-making endeavors and social enterprises, these innovative methods of giving are driving, and improving, the global socio-economic landscape.

Studies in the report, Changing Philanthropy by Wealth-X and Arton Capital, have shown that the world’s richest 1% are responsible for 99% of the world’s charitable donations. On average, UHNW individuals — those with a net worth of US$30 million or more — will donate US$29.6 million over the course of their lifetimes, with total global UHNW public lifetime giving estimated at US$550 billion to-date.

This model of giving is already implemented within the Citizenship by Investment industry, where investors pledge to become Global Citizens by positively and significantly impacting nations, including Antigua and Barbuda. By attracting these UHNW individuals, these Citizenship by Investment Programs (CIP) are incorporating global business opportunities for the investor and amplifying them with social and local benefits for the nation.

Through investments and donation contributions, these Global Citizens secure a safer and brighter future for themselves and their families, while bringing in foreign direct investments to the host nations. This mutualistic relationship not only creates multitude of benefits for the citizens of the host countries who are- in many cases-in dire need of funding and support, but is equally favourable to the nation itself, which will no longer have to depend on global NGOs for funding.

Such examples include, the Hurricane Relief Fund in St. Kitts and Nevis, which helped support and rebuild the nation following two Category 5 hurricanes, as well as the thousands of jobs created in Dominica’s local community due to the rapid rise in tourism and development opportunities through their CIP.

Another example gaining a lot of traction is the Global Citizen Tax Initiative, led by Arton Capital, which proposes a 2 per cent levy on investments made in citizenship programs, to help fund the most pressing humanitarian needs around the world. This initiative offers a clear and direct way for UHNW investors to leverage and maximize their impact for causes such as climate change, and the migration crisis.

This new philanthropic model is particularly appealing to entrepreneurs, UHNW individuals, and ultimately Global Citizens, who are looking for the most tax efficient, yet simple way of giving- and giving big. Although less orthodox compared to one-time donations, this method allows previously-hesitant UHNW philanthropists, to donate on a much larger scale, in turn, creating a much larger impact.

Highly motivated to aid those less fortunate through a vast spectrum of charitable causes, UHNW individuals feel it is their responsibility to contribute to preserve culture, history, and invest in long-term projects that will improve standards of living. Education remains by far the most popular philanthropic cause for UHNW individuals, followed by health, with environmental issues increasing in importance. With the common goal to contribute to the development and sustainability of future generations, Global Citizens are shaping never-seen-before opportunities for millions around the globe.