Skip to main content

The philanthropic sector has been buzzing about the anticipated “great wealth transfer” with an estimated $18 trillion set to be passed on to beneficiaries by 2030. But according to Forbes The World’s Youngest Billionaires 2024 list, there’s a signal that indicates the inheritance wave isn’t just on the horizon—it’s already begun. That’s because for the first time in 15 years there were no self-made billionaires on the 30-under-30 list—they all had inherited their wealth.

The super rich are aging and currently preparing to pass their fortunes on to their children—and this often includes their charitable giving plans. Among our own foundation clients, involving the next generation in their philanthropic activities was cited as one of their top areas of interest.

To dive deeper into this trend, we asked our internal team of subject matter experts to share a few ways philanthropists can approach this opportunity—particularly for multi-generational families that have different interests and concerns.

#1: Experiment

The families that have the most success are the ones who experiment to provide younger family members with a bigger role and voice while they are coming up the learning curve. You could have them join boards and committee meetings as observers, sit on junior boards or even give them end-to-end responsibility for a discretionary fund.

#2: Listen

Many families with significant wealth have strong leaders with strong opinions. A best practice for these individuals is to be willing to hear from other family members. This means coming to the table prepared to welcome new approaches and outcomes than perhaps the ones they have envisioned. There will be different points of view and while it can be challenging to navigate, the rewards are plentiful.

#3: Plan

It’s not enough to “hope” that younger generations will get involved in family giving. When families are intentional and plan to include every individual by giving them a platform that makes them feel involved, it fosters a shared sense of trust, stronger intergenerational relationships and a lasting legacy.

To read more, check out the full Forbes article.

Want to learn more about the ways we support private foundations?
Whether you are looking for support for your existing foundation or want to start a private foundation, our philanthropic specialists are here to help. To learn more, schedule a call with us or reach us at 800-839-0054. Together, let’s #begiving

Back to Blog