This is also no longer a feature of established industrial nations. As some of the balance of economic power shifts eastward with a surge in the number of high net worth and ultra HNW individuals in places such as India, the source of new philanthropic giving is also shifting, according to anecdotal figures from the charity industry.

While there has been some slowing in the rate of growth in the number of UK millionaires and their assets, there are no signs so far that less money is being given to philanthropic causes, according to New Philanthropy Capital, a UK research and advisory service.

“We have not found any impact from our end although it is too early to tell if it will happen. A lot of people have already made their money anyway,” a spokeswoman for NPC told WealthBriefing.

“People are certainly giving away more money than they used to,” she said.

There is no doubt that some of the upward momentum in the number of HNW individuals and their wealth has weakened in the UK. According to the Merrill Lynch/Capgemini report issued this week, the number of HNW individuals rose by 2.1 per cent to 495,000 last year, far weaker than the 8.1 per cent growth rate recorded in 2006. If economic growth proves anaemic in the UK in 2008 and into the following year, the supply of funds for charitable giving could decelerate.

HNW individuals in the UK are not – yet – as generous as their US counterparts, although some of that may be caused by large exemptions from tax in the US. Also, the US, with its traditionally smaller welfare state compared to those of western Europe, has had a strong tradition of non-state institutional giving. According to NPC, UK millionaires give away an average of 5 per cent of their net assets, compared to 8 per cent by wealthy US donors.  As NPC also points out, the top 30 donors on the Sunday Times Giving List in 2008 pledged £2.4 billion, double from the £1.2 billion figure in the same list a year before.

Generally, however, the slower rate of growth of millionaires in the UK may portend some weaker inflows to charity next year. But countries such as India, which have a strong culture of family-run business dynasties, are seeing rapid growth in populations of millionaires: the number rose by a whopping 22.7 per cent last year. India, which continues to have large numbers of very poor people, is no longer just a recipient of charity, but can contribute significant sums too. NPC, for example, announced it was working with Copal Partners, an Indian firm, to research the charitable sector in India.

In Continental Europe, there is a different approach from Anglo Saxon countries when it comes to philanthropy. Whilst wealthy society people like to support cultural venues such as museums and opera houses, there is less of a culture of giving to other worthy causes. The approach seems to be more that governments should provide aid from tax revenues.

Indeed, some research undertaken by WealthBriefing in the area of wealth management and philanthropy in Europe a few years ago turned up wealth managers with no awareness of any areas of philanthropic activities on the part of their clients. There were, of course notable exceptions and times are certainly changing. So are the current market conditions making any difference?

Etienne Eichenberger of Geneva-based WISE partnership, an independent philanthropy consultancy, is upbeat. “We are hiring staff,” he said. “It is an exciting time.” They see no slowdown in philanthropy and see no downturn coming. Their direct clients are increasing and the business from wealth management is constant.

“Our clients are making long-term commitments to philanthropy. We do not hear that they plan to reduce this. In more difficult times philanthropy becomes possibly even more important for beneficiaries,” he said. There is also an increase in younger generation interest in green issues which increases demand for their services.

Where there may be some slow down he suggests is in the area of foundations with endowments that have been hit by recent market turmoil.

Andrew Hope-Morley, director Family Wealth Advisory, Switzerland for HSBC Private Bank, agrees.

“We find that philanthropy is a growing area of interest in the UHNW space, with individuals either establishing their own foundation structure or becoming a donor to favourite charities.” he said. Each year the bank hosts a family forum event for around 100 of their wealthiest contacts globally, and philanthropy is always featured strongly.

“Guests want to know how to establish, where to establish and who can manage the giving practically, and who can research potential existing charities,” he said.

HSBC Private Bank has found that the credit crunch has not curtailed clients’ philanthropic activities. Instead, it has given them a breathing space to reconsider their overall investment focus. In countries where there is no or limited tax benefit to giving, interest still seems strong from Shanghai to Sao Paolo.

It may be starting from a small base, but the current market turmoil does not seem to be affecting the philanthropic urge in Europe. And with emerging economies of Asia and elsewhere still shooting the lights out, the supply of philanthropic giving looks unlikely to enter a downturn.