J.K. Rowling's Fortune Takes Hit From Charitable Giving
J.K. Rowling is no longer a billionaire, just a millionaire. The “Harry Potter” author was worth $1 billion last year, but was knocked off of Forbes’ Billionaire list because of charitable giving and Britain’s high tax rates. The bulk of her funds came from the Harry Potter franchise of books and films.
According to the Telegraph, “New information about Rowling’s estimated US $160 million in charitable giving combined with Britain’s high tax rates bumped the Harry Potter scribe from our list this year.”
Rowling’s charity work has always been astounding. Perhaps it is because her own life story is the ultimate story of rags to riches. Her estimated $160 million US has supported One Parent Families, Book Aid International, Dyslexia Action, Heifer International, and many other charities.
She has stated that her favorite charity is One Parent Families, a charitable organization that seeks to ensure all families, particularly those head by a lone parent, have support and do not suffer from poverty, isolation, or social exclusion.
Rowling co-founded Lumos which officially launched in 2010. Prior to the launch Lumos was known as Children’s High Level Group an organization founded by Baroness Emma Nicholson and the Harry Potter author in 2005. Lumos’ vision is to see a world “where all children are raised in a safe and caring environment; where none are placed in large, uncaring institutions.”
The Voltant Trust was set up by the famous author in memory of her mother. The Trust helps support charitable causes. It’s two main areas of funding are into the causes, treatment and possible cures of Multiple Sclerosis and projects that focus on alleviating social deprivation on a national or community-based level.
Miss Rowling’s decline in fortune is sad after realizing it was her philanthropic ways that led to a dent that knocked her off the Forbes list.