Inside the secret gifts of the richest 1%
From the moment you put down a check for your child’s college tuition, you have likely heard the story of a family gift, from your grandparent to your grandparents.
These gifts have become so important to the financial well-being of the 1% that they have become the centerpieces of the financial media.
Yet, as we examine the rich and famous in their own words, we are struck by the extent to which their gifts are not always appreciated.
Here are 12 of the biggest financial gifts of 2017.1.
$5 million in tax-deductible gifts The U.S. Department of Labor estimated that the richest Americans in 2017 gave $5.5 million of their own money to charity.
This was the second-highest amount of such gifts ever reported.
But the amount is dwarfed by the more than $30 billion given to charitable causes last year, according to a report by the nonprofit Tax Foundation.
The vast majority of this is going to charitable foundations, which make up about 70% of the $2.6 trillion given to charities in 2017.
The wealthiest 1% also gave a staggering $4.9 trillion to nonprofits, according the Tax Foundation report.2.
$8.3 billion in student loan forgiveness The largest single-year recipient of federal student loan relief is Wells Fargo, which reported $8 billion in relief to students last year.
The rest of the money went to other lenders, such as Home Depot, Citigroup and JPMorgan Chase.3.
$11.4 billion in charitable donations The U