Yesterday, I attended a forum which focused on the future of wealth and giving in the Washington, DC area. Paul Schervish, one of the premiere academics on philanthropy led the conversation about the enormous transfer of wealth that will occur in the Washington region, how non-profits can tap into it, and what it could mean for our community. It was a fascinating conversation.
Here are a couple of the highlights that stuck with me:
- Through 2055, an estimated $2.39 trillion will change hands in the Washington DC region as assets are passed from one generation to the next.
- Almost 1/5 of this wealth transfer, $460 billion, is anticipated to be given to charitable and other non-profit organizations.
- There are currently 198,571 households in the Washington DC Area — with $1 million or greater net worth.
- These top 10% possess 68% of the total wealth in the region.
- 10,568 households are living here with $10 million or more of greater net worth. Less than 1% of these households own 20.1% of the total wealth in the Washington region.
These are just a few facts to get you thinking big about what’s possible. Washington is a generous community and we are a complicated community with extreme resources and need. We have worked hard to create a vibrant regional economy, but we have a long way to go to ensure that prosperity touches all families and neighborhoods.
- In the past 10 years, the number of people living in poverty in the District of Columbia increased 32%. To put a human face on it – 70% of families living in poverty are women-headed families.
We have an incredible opportunity to think boldly about new ways to combating tough issues like deteriorating schools, not enough quality early education for kids, and growing violence.
Engaging the families who have earned or inherited this new, seismic wealth is one of the most exciting opportunities for the non-profit sector to seize.
Washington Area Women’s Foundation and our network of donors exist to bridge the worlds of resource and need. Join us for a briefing this week to learn about some outstanding organizations producing results. To register go to www.thewomensfoundation.org/
What are your thoughts?
