Paul Schervish and John Havens at the Boston College Social Welfare Research Institute have projected that between 1998 and 2052, between $31 trillion and $41 trillion of [American] wealth (in 1998 dollars) will move from one generation to another. They estimate that during this fifty-four-year period, our economy will produce 10.1 million new millionaires.
The stock market crash did not require much of a revision in this estimate, according to an article on Schervish’s home page. Here is the home page itself, you will see that Schervish studies donor behavior. Here is the home page of John Havens.
Of course their numbers are, in some ways, gross underestimates. Let’s not forget the even more important bequests of decent institutions, the American Constitution, science, and technology. The next generation will enjoy something better than Stone Age conditions, not because they are so especially smart, but because of the shoulders they will be standing on.
All of a sudden, I don’t feel so bad about making these people pay for my retirement and the retirement of my baby boom generation.
The above quotation is from The Greater Good, by Claire Gaudiani, a keen treatment of the importance of philanthropy in American life. The author notes that many more people donate to charity than vote. It is also more people than eat fast food or would read a book.