124 trillion dollars changing hands

By 2048, roughly 124 trillion dollars will transfer from older to younger generations as wealth inequalities reach historic extremes. This massive shift is forcing questions about how fast the wealthy are actually giving.

Younger heirs want faster giving

Katherine Lorenz, leader of the Giving Pledge's Next Gen group, says younger heirs are pushing parents to give away wealth immediately rather than waiting decades. Many are ready to deploy capital faster, but older generations often hold them back.

“You made enough money, mom and dad. It's time to give it away and to give it away faster.”

Billionaire wealth hit record high

Billionaire wealth jumped more than 16 percent in 2025 alone to reach 18.3 trillion dollars. Nearly one-third of adults ages 18 to 29 now say being extremely rich is morally wrong, compared to just 10 percent of those 65 and older.

Redefining what philanthropy means

Younger heirs don't see themselves as traditional philanthropists but as impact investors, change makers, and advocates. They're shifting from writing checks to funding systemic change through impact investing, advocacy, and venture-style philanthropy.

“They're not thinking necessarily of themselves as philanthropists. They're thinking of themselves as their angel investors, impact investors, change makers, [and] advocates.”

Addressing root causes, not symptoms

Rather than putting band-aids on problems, younger heirs want to address the systems causing harm. On housing, for example, they ask why homelessness exists in the first place instead of just helping people avoid sleeping on the street tonight.

“Why do we have so many unhoused people? What is happening, and how do we get fewer people in this situation?”

MacKenzie Scott leads by example

Amazon founder Jeff Bezos's ex-wife MacKenzie Scott has distributed 26 billion dollars over six years through unrestricted gifts, letting recipients decide how to use the money. She exemplifies trust-based philanthropy that partners with communities rather than imposing predetermined solutions.

“She is just an exemplar of trust-based philanthropy.”

Women will inherit 47 trillion

By 2048, women are projected to inherit roughly 47 trillion dollars, about 56 percent of all inherited wealth globally. Experts expect more women will follow MacKenzie Scott's example and work with communities on solutions-based giving.

From oil fortune to foundation leader

Katherine Lorenz grew up in an ultrahigh-net-worth family. Her grandfather George Mitchell was an oil and real estate tycoon whose company sold for 3.1 billion dollars in 2001. She spent six years in Mexico running a nonprofit before joining her family's foundation.

Learning from communities abroad

Working in Nicaragua and Mexico, Lorenz realized wealthy outsiders often assume they have answers communities don't. She learned that local people had more solutions than she did, fundamentally changing how she approaches philanthropy and grantmaking.

“You think you have the answer, and you come into communities and realize actually they have more answers than you have.”

Mitchell Foundation gives nearly 1 billion

After her grandfather signed the Giving Pledge in 2010, Lorenz took over the Cynthia and George Mitchell Foundation the next year. Over nearly five decades, it has given away nearly 1 billion dollars, mostly to sustainability and education causes.

Family dynamics trump all structures

When George Mitchell died in 2013, he left behind 10 children, 27 grandchildren, and a complicated philanthropic legacy. Lorenz learned that no amount of policies or structures can override family dynamics in how wealth gets managed and distributed.

“In the end, I would just say family dynamics kind of trump all, in both good ways and bad ways.”