"They want to understand the root causes of issues, meet the people involved and see what impact their money has had," says Mark Evans. Rather than simply donating to homeless charities, strategic philanthropy addresses job creation, affordable housing, substance abuse and mental health issues.

This business-like approach to philanthropy has seen organisations spring up, such as New Philanthropy Capital. Formed by a group of hedge fund managers, it researches charities as prospective investments, using techniques such as cost-benefit analysis, with a focus on the bottom line.

So will Europe ever catch up with the US in the philanthropic league tables? While much European philanthropy goes on behind closed doors, headlines around multimillion-pound donations create a knock-on, emulative effect. While many wealthy individuals believe it isn't important for philanthropists to be recognised, publicity is not always founded in self-interest.

Big givers: Notable European philanthropists

Sir Tom Hunter (right)

Where did it come from? Scotland's richest man. Founded Sports Division and sold the company to JJB Sports in 1998 for €416.5m.
How much? €1.4bn over the course of his life. €70.5m to Bill Clinton's initiative to fight poverty in Malawi and Rwanda.
Where is it going? To Scottish enterprise and to fight world poverty.

Stelios Haji-Ioannou

Where did it come from? Founder of budget airline EasyJet.
How much? €704,000.
Where is it going? Education programmes for disadvantaged children from Greece, his country of birth.

David and Heather Stevens

Where did it come from? Founders of Cardiff-based Admiral Insurance.
How much? Donated €144m or 87% of their fortune, resulting in an annual grant-making total of around €5m. Top of The Sunday Times Giving Index 2007.
Where is it going? Via the Waterloo Foundation, the developing world, climate change, children's development and more.