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Global economies are recovering as businesses resume investment and stock markets rebound from lows in March.
When markets rebound, they will be well placed to profit handsomely.
In strong markets, the wealthy give more; the quid pro quo is that when markets are weak, donors must be allowed to reschedule pledged payments until the markets rebound.
Even if the markets rebound, says Mr Boyd, it would take at least five years of 20% annual growth in capital-gains income for California to get back to the level of revenue it had in 2000.
"Even when the markets rebound, we don't expect people to get in with the same speed as before to the high-yielding assets," said Monish Kumar, global leader of asset and wealth management at Boston Consulting.
The steady performance -- instead of the feared continuation of the sharp declines at the end of last week -- was enough to help European stock markets rebound from their early losses.
Similar(49)
FINANCIAL MARKETS Stocks in emerging markets rebounded as investor confidence recovered.
Most of the other Asian markets rebounded.
A poor reading on consumer sentiment caused an erosion of those gains, though markets rebounded later.
The markets rebounded quickly after The A.P. said its account had been hacked.
They did so when stocks plunged in 2008 and kept buying after markets rebounded.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com