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In the past, the wealthy turned their attention to philanthropic giving only as retirement approached. But that has been changing in recent years, as the ultra-wealthy have been starting their philanthropy at younger and younger ages and paying ever-closer attention to the enterprise of giving.
Wealthy people who are getting engaged in philanthropy also want to be knowledgeable about the issues that they care about. They really want to take a deep dive and spend their time and their energy, as well as their money.
But why are younger generations of the wealthy so gung-ho about giving their money away? Maria Di Mento, a staff writer with The Chronicle of Philanthropy, says the dynamics of their rise might be a factor. “They didn’t spend 25 or 30 years becoming billionaires. It happened within a couple of years or less and it was huge.” With that wealth, she adds, come expectations.
Those expectations include embracing worthy causes and changing the world, which is appealing to many with the money to make a difference. Also attractive is the recognition derived from championing a cause — a motivation that has fueled philanthropy for generations.
Read the full article by Karsten Strauss at Forbes