A new wave of philanthropists that will inherit the unprecedented wealth of the baby boomer generation is poised to shake up the giving sector.
The next generations of wealthy givers aren’t looking to follow their parents’ and grandparents’ traditional paths of setting up charities or naming buildings after themselves. Instead, experts say, they are seeking out new ways of giving that will increase their impact.
Generation Xers and younger in the United States could inherit up to a whopping $70 trillion from the baby boomer generation, according to a study of wealthy U.S.-based “next-gen” givers from the Women’s Philanthropy Institute. And these younger givers “tend to be more open-minded, liberal-leaning, and actively engaged in advocating for the fair and equal treatment of others compared to previous generations,” according to the report, which focused on giving trends and demographics in the U.S.