Wealthy Young Adults Turn to Philanthropy
February 21, 2007 | Read Time: 1 minute
More and more young people are looking for ways to use their inherited wealth for social good, forming a new wave of foundation and charity leaders, reports U.S. News & World Report.
The next few decades will see baby boomers leaving their wealth to their children and grandchildren, thus creating a potentially significant source of charitable giving. Boston College researchers estimate that bequests may total $41-trillion through 2052. Rather than spending most of the money on themselves, young heirs are opting to start their own philanthropic organizations.
Groups such as Resource Generation, an organization in New York that guides wealthy young philanthropists and is supported by the Ford, Kellogg, and Surdna foundations, have formed to assist heirs in becoming effective donors and foundation leaders.
