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Milken Institute Report Highlights Tensions in Intergenerational Wealth Transfer and Philanthropy

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The Great Wealth Transfer: $124 Trillion Set to Pass to Younger Generations

Wealth inequalities have never been greater than they are right now, and we have this sharper eye on the wealthy. It has raised the stakes.
— Melissa Stevens, Milken Institute

A new report from the Milken Institute examines the historic transfer of wealth from older to younger generations, projected to reach $124 trillion by 2048, all unfolding against a backdrop of growing wealth inequality.

The report notes a striking trend: younger heirs are increasingly pressing older relatives to accelerate philanthropic giving, coinciding with heightened public scrutiny of the wealthy.

Key Findings

The report, titled "Shifting Dynamics of Philanthropy," was authored by Melissa Stevens, executive vice president of Milken Institute Strategic Philanthropy. She highlighted the unprecedented nature of the moment:

"Wealth inequalities have never been greater than they are right now, and we have this sharper eye on the wealthy. It has raised the stakes."

Generational Perspectives

The Giving Pledge, launched in 2010 by Warren Buffett, Bill Gates, and Melinda French Gates, exemplifies long-term philanthropic commitments by wealthy families. But a shift is underway.

Katherine Lorenz, leader of The Giving Pledge's Next Gen group, reports that younger generation members are urging older relatives to give away wealth faster and take more risks:

"I see more younger generation folks pushing on their parents to give more. 'You made enough money, mom and dad, it's time to give it away and to give it away faster.'"

She added: "Many of them are ready to deploy the capital faster. Sometimes the barrier is the older generation."

Context: Wealth Inequality

The report arrives as wealth concentration reaches new extremes:

  • According to Oxfam, billionaire wealth increased by over 16% in 2024 alone, reaching a record $18.3 trillion.
  • A 2026 Pew survey found that 31% of adults aged 18–29 believe it is morally wrong to be "extremely rich," compared to just 10% of those 65 and older.
  • The survey suggests that economic pressures facing younger Americans — including housing costs, student debt, and rising living expenses — may be driving these views.