Philanthropy escalates in the USA

Thousands of American households enjoying relatively new wealth are fuelling a transfer of money unlike anything ever seen in the U.S.A., 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 organisations.

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 Fuelling a New Era in Philanthropy, New York Times, April 27, 2002.

For text http://www.nytimes.com/2002/04/27/national/27GIVI.html
For more on Social Welfare Research Institute http://www.bc.edu/bc_org/avp/gsas/swri/swri_about.htm
For more on Charities and Foundations http://www.ncpa.org/iss/wel/

FMF Policy Bulletin\6 May 2002

Publish date: 14 May 2002
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The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation. This article may be republished without prior consent but with acknowledgement to the author.

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