00:00The children in the world's wealthiest families are pushing their parents to give away their wealth
00:04faster. The Great Wealth Transfer is the largest transfer of wealth in the history of the world.
00:10Some $124 trillion is expected to be passed down from the oldest generations to the younger heirs.
00:17And a new report from the Milken Institute predicts an upcoming reckoning in the philanthropic
00:21world due to the tension caused by younger heirs becoming involved in their family dynamics.
00:26I spoke with Katherine Lorenz, leader of the Giving Pledge's Next Generation Group,
00:30a network of heirs and family members involved in shaping the next generation of philanthropic
00:35strategy. The Giving Pledge was established in 2010 by Warren Buffett, Bill Gates, and Melinda
00:40French Gates as a promise among many of the world's wealthiest philanthropists to give away a majority
00:45of their wealth to charitable causes in their lifetime or their wills. Younger heirs are acting
00:50now because there's increased public scrutiny around wealth in this country. In 2025 alone,
00:54billionaire wealth hit a record $18.3 trillion. And when I spoke with Lorenz, she said there's a
01:00growing pressure among younger heirs, a growing cognition that they need to act now and not just
01:05put band-aids on wombs, as she said, but instead look at systemic issues. Younger philanthropists are
01:10focused less on writing checks to grant recipients and really putting their money where it matters,
01:15doing things like impact investing, advocacy work, and venture-style philanthropy. While older generations have
01:21focused on things like health and education broadly, some of the younger folks are spending time
01:26dedicating themselves to more specific causes like climate change, racial justice, and gender equity.
01:31For more of my story on Next Generation Philanthropy, you can check out my article on Fortune.com.
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