Over the next 50 years, Missourians will transfer more than $1.5 trillion from one generation to the next—$562 billion in the St. Louis metro region alone, according to a transfer of wealth study commissioned by several Missouri-based community foundations, including the Greater Saint Louis Community Foundation.
Because previous generations tended to settle in the vicinity of their births, inherited wealth typically stayed within a community. Today, however, this is no longer true with approximately 50 percent of Americans moving and living 50 or more miles away. That means the inherited wealth from this generational transfer is likely to leave areas like the St. Louis metro. This could jeopardize the vitality of charitable initiatives that sustain the community fabric and threaten the philanthropic resources that are often dedicated to tackling local challenges.
“All of us were struck by the amount of money that will be in motion over the next five decades and it certainly stands to reason that philanthropy dollars are as mobile as the individuals who control them,” said Amelia A.J. Bond, CEO of the Greater Saint Louis Community Foundation. “Our mission at the Foundation is to make giving easy by helping potential donors allocate charitable dollars productively and efficiently to ensure that the causes and charities in St. Louis they are passionate about today continue to benefit from their generosity well into the future.”
Download a PDF of the Missouri Transfer of Wealth presentation.
Read the full Missouri Transfer of Wealth study here.