Younger heirs push billionaire parents to accelerate philanthropic giving amid $124 trillion wealth transfer, Milken Institute report finds
By
Preston Fore
Summary
A historic $124 trillion wealth transfer is underway as millennials and Gen Xers inherit fortunes from older generations. According to a Milken Institute report, younger heirs—including children of billionaires in the Giving Pledge—are increasingly pushing their parents to accelerate philanthropic giving rather than delaying it. The tension between growing wealth inequality and slow-moving charitable commitments is creating a "reckoning" in the philanthropy sector as younger generations gain more influence over family wealth decisions.
Source
bskyYounger heirs push billionaire parents to accelerate philanthropic giving amid $124 trillion wealth transfer, Milken Institute report findsfortune.comKey quotes
· 3 pulledWealth inequalities have never been more pronounced, and the transfer is setting the stage for a 'reckoning' in the sector as younger generations gain more influence over family checkbooks.
Millennials and Gen Xers are facing down one of the greatest transfers of wealth in history—with some $124 trillion expected to change hands by 2048.
The tension is setting the stage for a 'reckoning' in the sector as younger generations gain more influence over family checkbooks.
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