New Money Is Changing The Face Of Philanthropy
April 29, 2002
Thousands of American households enjoying relatively new wealth are fueling a transfer of money unlike anything ever seen in this country, observers report.
- Models developed by Paul G. Schervish and John J. Havens of the Social Welfare Research Institute at Boston College predict that $40 trillion to $136 trillion will migrate through generations over the next 50 years -- depending on economic growth rates.
- Schervish estimates that $19.2 trillion to $50.2 trillion of that will be spent on philanthropy by 2052.
- As much as $6.7 trillion will go to philanthropy over the next 16 years.
- Experts say new philanthropists want to become more involved in the mission of the beneficiary organizations.
Several large business schools have increased their course offerings and seminars in non-profit management and strategic planning.
Observers point out that many of today's millionaires and billionaires have made their money suddenly and at a relatively young age -- and their activism and decisions as to how their charitable contributions are allocated will have considerable impact on what our society will look like in the future.
Source: Stephanie Strom, "The Newly Rich Are Fueling a New Era in Philanthropy," New York Times, April 27, 2002.
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