The huge upcoming wealth transfer predicted by Boston College’s Center on Wealth and Philanthropy back in 1999 is actually turning out to be bigger than expected—despite the Great Recession, reports Ashlea Ebeling of Forbes. An updated tally puts the money changing hands at $59 trillion over the next half century, with nearly $8 trillion of that earmarked for charity. That’s on top of $19 trillion in everyday charitable giving that Americans are already expected to give over that time period as giving is part of their DNA.
In 1999, the Center estimated that 2% annual growth in household wealth would result in a transfer of wealth amounting to $52 trillion for the 55-year period from 1998 to 2052. The updated estimate of wealth transfer, assuming 2% growth, is $59 trillion for the 55-year period from 2007 through 2061. If it weren’t for the recession, it would be $73.3 trillion. (All figures are in 2007 dollars.)