The great
19th century novelist Harriet Beecher Stowe once claimed, "women are the
real architects of society." A century later, noted anthropologist
Margaret Mead said, "Never doubt that a small group of thoughtful,
committed citizens can change the world. Indeed, it's the only thing
that ever has." Their words resonate for multitudes of women who have
given generously of their time, talent and money to support others in
need and to foster social change that benefits entire communities and
nations.
Today, women
of high net worth are funding other women in record numbers and at
unprecedented levels, according to the Women's Funding Network, a
California-based umbrella organization for 126 women's funds on six
continents. And, says the Network, "There's no shortage of sobering
statistics that present a strong moral case for funding women." For
example, worldwide, women constitute 70 per cent of the absolute poor -
those living on less than a dollar a day - and they comprise over 60 per
cent of people working in family enterprises without pay. In the US in
2004, approximately 13 per cent of women (more than 14 million) were
living in poverty and 28 per cent of households headed by single women
were poor.
Many of these women are victims of violence. In the US, for instance,
homicide is the top cause of death among pregnant women, and in Western
Europe alone, about half a million women and girls from developing
countries and countries with economies in transition are entrapped in
the slave trade annually. Many women around the world also suffer from
inadequate health care, poor housing, inequities in the workplace, and
limited educational opportunities.
At the same time, women control more than 51 per cent of personal wealth
in the US today and they are set to inherit trillions of dollars more as
the World War II generation begins to transfer its wealth. According to
the 'Chronicle of Philanthropy', self-made women millionaires (those who
earned rather than inherited their wealth) gave about seven per cent of
their annual income in 2005, making them larger donors than their male
counterparts. Data from the Internal Revenue Service (IRS) supports the
fact that women give significantly more than men do.
While mainstream, largely male-dominated, philanthropy still provides
less than seven per cent of its grants to women and girls, women
philanthropists are stepping in to fill the gap. They are supporting
causes aimed at alleviating poverty among women and focusing on
philanthropy designed to foster the kind of social change that improves
life for everyone.
It is this reality, coupled with women's growing financial clout that
led two sisters, philanthropists Swanee Hunt and Helen LaKelly Hunt, to
launch an initiative in November 2007 known as Women Moving Millions.
Through a 'spark' gift of $10 million, the Hunt sisters catalyzed a
partnership between the donor community and the Women's Funding Network
in which women giving at historically new levels to women and girls will
help propel the collective financial assets of women's foundations
through the $1 billion mark. This will be achieved by raising $150
million in new gifts of a million dollars or more by April 2009. Nearly
$70 million has already been raised.
"As women's control of wealth in the US continues to rise, now is the
time to raise the bar on women's philanthropy and direct greater
resources to women and girls," says Helen LaKelly Hunt, founder of The
Sister Fund and co-chair of Women Moving Millions. "Women are giving at
unprecedented levels in a global initiative for women. This is a
historic moment in the world of women's philanthropy."
"Over 80 per cent of grants made by women's foundations flow to women
and girls with low or no income," adds Christine Grumm, President and
CEO of Women's Funding Network. "Together, we are creating new
opportunities for these women, which simultaneously boost the strength
of their families, their communities and ultimately whole nations. Our
work is showing that such a 'woman first' investment approach is the
savviest way for donors to propel lasting community and social change."
Most experts seem to agree. An article in 'The Economist' recently
admonished, "Forget China, India and the internet: economic growth is
driven by women." The World Bank concurs: its spokeswoman, Myra Buvinic,
calls investing in women "smart economics".
By the year 2010, women are expected to control 60 per cent of the
wealth in the US, an unprecedented milestone in the empowerment of
women. Women Moving Millions hopes, therefore, to double or even triple
the number of women who make gifts of $ one million or more to a woman's
fund by 2009. Calling the project a visionary partnership, the Women's
Funding Network says it is "inspired by this new path in philanthropy"
which aims "to make the leap from giving charitably to investing
strategically in women, first and foremost".
"We are united," it says, "based on our shared passions, instinct for
democracy and belief in the power of women and girls to be vigorous
agents of change on every pressing social issue we face today."
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